Does your couple need a joint project? We have a suggestion for you: how about sealing your love with a good financial strategy? Certain tips can help you pay less taxes, so you can save more for your joint projects and your retirement.
Share your finances
What is mine is yours: this could also apply to your finances! By grouping certain expenses, such as medical expenses or charitable donations, you may be able to obtain more advantageous tax credits.
Optimize your contributions
If you have a higher income than your spouse, you can contribute to his or her registered retirement savings plan (RRSP) to maximize tax deductions. The same strategy works with a tax-free savings account (TFSA). That way, you will accumulate tax-free savings while balancing your couple's finances.
Plan your retirement together
The sharing habit could even follow you into retirement. The spouse with the higher income will be able to transfer part of it to the other spouse to reduce your income taxes. This can be done in a number of ways. For example, you could divide your pensions under the Québec Pension Plan to better balance your income.
Talk money as a couple
On your next date, do not hesitate to take out your calculator. It cannot be said often enough: planning is important. By discussing your finances together, you will be better able to predict how much money you will need to make your dreams come true.
Lastly, remember that consulting a financial planner 
is always a good idea when undertaking this type of project.
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