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Living as a couple

DFSIN - Panning to realize your common projects

You have decided to live with the person you love. You share many projects with your new spouse that you would like to carry out together. Now is a good time to review your financial plan and adapt it according to your new needs to successfully undertake this new stage in your life.

This transition will be simpler if you seek the help of a financial services professional.


Insurance advice

Protect each spouse’s future with life insurance

  • If you do not already have life insurance, it is time to get some to ensure your spouse’s financial security.

  • If you already have life insurance, you can increase your coverage to take your needs as a couple into account.

Think about the consequences of an illness

If, through some misfortune, you or your spouse should become critically ill, you would have to spend a great deal of money.
  • With critical illness insurance, you could receive a predetermined amount of money, tax free.

  • You could focus all your attention on fighting your illness, without worrying about money.

Insure your income in case you become disabled

If you become disabled or leave your job following an accident, disability insurance will:
  • Provide an income replacement; and

  • Help you maintain your standard of living.


Legal aspects of living as a couple

Protect your union

Draw up a co-habitation (de facto union), civil union or marriage contract. A lot of people do not know that legal protections are not the same for couples living together as for married couples. Ask your notary for more information!

Make sure your final wishes are honoured

  • Write a will (notarized or witnessed); or

  • Review your will according to your new situation; and

  • Inform your loved ones of your intentions in the event of your death.

Protect your wealth in the event of a separation

In the event of a divorce or a separation, you and your spouse would have to face new financial obligations; this might have a major impact on the couple’s financial and tax planning.


This step is meant to ensure that the financial wealth of the ex-spouses is divided fairly and takes, among other things, the following into account:
  • Taxing of support payments;

  • Division of assets between married couples or couples joined in a civil union;

  • Settlement of the debt incurred from sharing the family wealth (like the mortgage).


Tax-saving suggestions when planning for your retirement

Use your spousal RRSPs

Take advantage of your spousal RRSP to lower your income taxes by dividing your income between you and your spouse.

Review your investment strategies

Combine your investment strategies to maximize your benefits.