Moving in with your significant other is a big step and there's a lot to consider and discuss before taking the plunge. This helpful checklist walks you through some of those key considerations to help you both through this new phase.

Getting Started
Have the Talk
Your New Abode
Your Assets


 

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Thinking about moving in together? Important conversations to have with your partner.

If you and your partner are thinking about moving in together, here are a few things you should consider.

Getting Started

1. Moving in with your partner opens a door to another level of intimacy. The best thing you can do to ensure everything falls into place is to be prepared. This means taking the time to sit down and discuss the details with your partner.

2. Do you sleep with the TV on? Is one of you a neat freak while the other is messy? Try to make an effort to adapt together. If chores and cleanliness become an issue, try assigning responsibilities and making time to complete them together.

Open Up

3. It may not be easy to talk about, but it’s crucial to be on the same page about your soon-to-be joint expenses and money history.

4. Make sure you have a clear plan on how to split your expenses from the beginning and consider using an app like Splitwise to make calculations.

5. It might seem overly formal, but documenting who is responsible for what will help you stay honest to your intent when you choose to share expenses.

6. While every province has different rules about common law relationships, it’s important to note that once your status changes, in many cases your insurance and taxes could be considered the same as a married couple.

Your New Abode

7. Different neighbourhoods can have different impacts on your tenant or home insurance, so talk to an advisor to get a clear picture.

8. If you’re renting, make sure both of your names are on the lease. If one of you already owns the home, you can sort out how to split the mortgage payments but ultimately, it will be the owner’s name on the title.

Your Assets

9. You’ll likely need to make space for each other, so you’ll have to decide what stays and what goes. Let your partner know about what you can and can’t part with.

10. Make sure your home or tenant insurance plans cover the new, combined value of your belongings. If you share a vehicle, you should talk about driving records, as your premiums could go up if your partner has a bad driving record.

Additional Sources

https://www.canada.ca/en/revenue-agency/services/child-family-benefits/update-your-marital-status-canada-revenue-agency.html


This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.