cdspi single to married financial planning

Financial Planning – When your status changes from single to married

The transition from single to married is an exciting life milestone that initiates a union of shared goals. With this new life stage comes the responsibility of discussing finances and each partner’s values and attitudes towards money. For example, couples should have consensus on where money is allocated and how much each spouse contributes to paying expenses.

The table below identifies several areas of financial planning to consider the implications of as your status changes from single to married and you achieve certain milestones in your career.

While many of the situations below apply equally to married and common-law couples, ensure you consult with a tax specialist about inheritance and ownership.

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Financial Planning when single and married

Common law and marital partnerships can be subject to the same federal tax rules. Your province of residence may have a different definition of a common law partnership than the Federal Income Tax Act for Family Law purposes.

*The Income Tax Act defines a common law partner as a person (opposite or same sex) with whom the taxpayer lives in a conjugal relationship, and at least one of the following applies:


Family Member**
Depending on your province of residence, for income splitting purposes, a family member can be a parent, your child or children, spouse, or other blood relatives.

When a dentist incorporates their dental practice it becomes a professional corporation, which is a corporate entity that is separate from its owner(s).

An owner who is holding shares in a corporation.

The share of profit payable to shareholders on their shares.

Lifelong Learning Plan
You or your spouse can withdraw money from your RRSPs to pay for training or education for yourself, your spouse or common-law partner. You can transfer to your spouse or common law partner your unused tuition, education and textbook amounts, if they are not needed to reduce your taxes to zero.

Non-commissioned Certified Financial Planner® professionals at CDSPI Advisory Services Inc. are happy to help you develop a customized financial plan based on your short and long term objectives. There is no cost or obligation to you. Contact CDSPI Advisory Services Inc. Phone: 1-800-561-9401. Email:

*Restrictions may apply to advisory services in certain jurisdictions. Financial planning and advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Information on this site is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice.