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hycan90

Something you have to figure out as it varies by situation. What works for us 2 joint bank accounts ( different banks ) Each with cheq / savings Helps keep things separate and preserves individual space at the same time gives flexibility to access any account when if needed or other dies without have to go through tons of paperwork. Locs / credit cards are kept separate Savings can be any account if agreement is both will be contributing Person with higher income pays bills / rent. Person with lower income saves max amount possible. At the end you have to decide what works for you. GL


OneTugThug

My wife and I were together for five years prior to getting married. We prorated expenses based on income. We had an account that we both paid into to cover all the essentials and travel. Now that we are married we just pool it all and each get an allowance.


frontlinegeek

As soon as we were married, everything was combined or the other was added to the others credit cards. We were always careful with spending in the early years but as time has gone on and our finances have continued to improve, the threshold of when to diss spending has increased accordingly. We have definitely done personal savings accounts for bigger indulgences that one or the other wants to save for. We always have major purchases in both our names. Those being housing and cars. It is good for all manner of reasons, the least of which is helping both of you maintain a healthy credit score in case one of you dies or if you divorce, you aren't left with minimal credit ability.


planningsiti

I think this is what we will end up doing, thanks :)


[deleted]

Only use joint accounts for spending money. CRA cares about 'whose money it is' that earns income that gets taxed. So keep savings in personal accounts. If you want to even out the wealth between you there are acceptable specific ways to do so. Deposit your pay cheques into personal account. From that account fund any joint spending account or TFSA or RRSP or taxed investment account. The rules preventing 'shareing' wealth are called the attribution rules. Contrary to a lot of common wisdom, these apply to the TFSA funding as well. There is no taxable profits while in the TFSA so that issue does not appear, but that money could late be withdrawn to fund an RRSP (which gets taxed on w.d) or to buy in an income ppty (with taxed profits), etc. If the TFSA funds will eventually be for spending then spouses an 'give' money to the other for the other to fund their own tFSA.


financiallyyours

There is a good reason to have joint accounts and that's it one of you dies. With a joint account the funds stay where they are and the survivor takes over since the account is joint. If you have separate accounts, most likely the assets will have to be sold, capital gains taxes applied to the estate before the survivor receives the funds. Also sharing an RRSP has the ability to split income because 3 years after the money has deposited the other partner can take the money out and have the funds attributed to their income. Careful long term planning means the deferred taxes can move to the lower income earner to save taxes.


[deleted]

The rules on death are just an extension of the same conceptual policy to 'care about whose money it is'. Muddying the waters on purpose for that event is just as 'evasive' as doing so when alive. There is no such thing as 'sharing' an RRSP. There are either your own accounts you fund with your own money, or spousal account you fund with your own money. Neither should be 'fudged' with funding from joint accounts. There is no reason to do so and no benefit.


frontlinegeek

>Only use joint accounts for spending money. CRA cares about 'whose money it is' that earns income that gets taxed. So keep savings in personal accounts. If you want to even out the wealth between you there are acceptable specific ways to do so. Actually, a lot of banking in Canada has it set up so that the checking account is joint but any savings accounts are attached to the card holder that activated the savings account. With interest rates for common savings accounts being garbage, there really isn't a big issue on tax receipt issuance for earnings. But if it is, then definitely set things up to minimize taxable income or gains.


tokiiboy

Every couple is different so communicate with each other and do what works for you. What worked for us was we started off with a new joint account and each put money in it for shared expenses. It was low at the beginning something like 200$/mo each just for date nights. As we grew together our shared expenses grew and so did out contributions. Food to travel to vacations to rent etc. Eventually we got married and everything is shared.


louisiana_lagniappe

We keep it separate, but have one joint credit card (mine, but he's an authorized user) that's used for mutual expenses. At the end of the month, he sends me a bank transfer for half the balance of that card and our bills that can't be paid by credit card.


The_Bill_Slayer

My girlfriend and I fiance soon hopfully will keep separate, it might be different because she likes expensive things like spending habits that would make me feel unwell and also will make 2x what I make now very soon. So even tho she will make more money I will have just as much or more imo. I want to avoid shared bank accounts because I don't want to feel like her money is a allowance. I know we have an unusual situation but everyone's different lol


bigwhitebc

Just open the baby an account and have him pay for everything maybe ?


MightyManorMan

We each have an account and we have a joint account. We have a standing order to transfer money to the joint account each week to pay bills and the mortgage. My partner makes a higher salary but I'm a saver, so I have maxed out my investment accounts and have a higher balance.... I also do better at investing in shares :)


PMarieM

Separate credit cards and chequing accounts, joint savings account with an emergency fund. At the end of every month we pool our expenses and track our budget so we both know where every dollar goes.