Money is often cited as one of the top sources of stress in a relationship, but it doesn’t have to be. In fact, Canadian couples who can manage their finances together can feel empowered while building a financially free and wise life together.
We’ve put together this essential financial checklist to help you and your partner build a roadmap for your future—without the arguments.
1. The “Naked” Numbers Talk
Before you can plan where you’re going, you need to know where you are. This isn’t about judgment; it’s about transparency.
- Reveal all debts: Lay out student loans, credit card balances, and car payments.
- Share credit scores: In Canada, you can check your Equifax or TransUnion report for free. Bad credit isn’t a dealbreaker, but hiding it is a problem.
- Calculate your Net Worth: Assets (what you own) minus Liabilities (what you owe). This is your starting baseline.
2. Choose Your Banking Structure
There is no “right” way to bank, but you must agree on a system.
- Totally Joint: All income goes into one pot; all bills come out of it.
- Separate but Shared: You keep individual accounts but transfer money to a joint account for shared bills (rent/mortgage, hydro, groceries).
- The Hybrid: Joint accounts for everything, but each partner gets a “no-questions-asked” allowance transferred to their personal account each month.
3. Tackle the “Alphabet Soup” of Canadian Investing
Maximize your tax advantages by coordinating your registered accounts.
- FHSA (First Home Savings Account): If you don’t own a home yet, are you both maximizing your $8,000 annual contribution room? This is tax-deductible (like an RRSP) and tax-free on withdrawal (like a TFSA) when buying a home.
- TFSA vs. RRSP: Discuss your income levels. If one partner earns significantly more, it might make sense to prioritize their Spousal RRSP contributions to equalize retirement income later.
4. Protection & “The What Ifs”
It’s the least romantic date night topic, but the most necessary for Canadian couples.
- Life Insurance: Do you have enough coverage to pay off the mortgage if one of you passes away?
- Wills & Power of Attorney: This is especially vital in Ontario. If you are common-law, you do not have the same automatic inheritance rights as married couples. You need a will to ensure your partner is protected.
5. Set Your “Money Date”
Don’t let finances be a topic you only discuss when something goes wrong. Schedule a monthly 20-minute “Money Date” to review spending, check your savings goals, and celebrate small wins (like paying off a credit card).
