When two people chose to tie the knot, it’s important that they have shared values. This includes shared financial goals and the ability to discuss and work through money issues.
Talk to your partner to agree on a budget. Be sure to plan – not only for long-term goals, like buying a home or the costs of raising a family – but also short-term goals, such as vacations and rainy-day activities.
It’s important to make informed choices about the money you set aside for these goals. Find an advisor that you are both comfortable with to discuss how to invest your savings to reach your goals.
Once you get married, there are a number of tax advantages that can help you save money:
- The higher income earner may contribute to the Registered Retirement Savings Plan (RRSP) of the lower income earner and receive a deduction;
- You may pool charitable donations with your partner to get a larger tax credit;
- Certain additional tax credits may be transferred to your spouse and reduce their liability, and
- If you supported your spouse during a given year and their net income was less than a prescribed amount, you may be eligible for a non-refundable spousal amount.
The Government of Canada has information about couples and taxes and eligibility for tax credits.