Should we get a joint bank account when moving in together?

Consider a joint account for shared expenses (rent, utilities, groceries) while keeping individual accounts for personal spending. A common approach is the proportional split — each person contributes a percentage of income to the joint account rather than a fixed 50/50 split.

When are you considered common-law in Canada?

For federal tax purposes, you are common-law after living together in a conjugal relationship for 12 continuous months. For provincial family law, it varies: BC is 2 years, Ontario requires cohabitation agreement for property rights, Quebec has no common-law property regime.

Do I need a cohabitation agreement in Canada?

Strongly recommended, especially if one partner owns property, has significantly more assets, or earns much more. Without an agreement, provincial rules determine property division if you separate — and these rules vary dramatically by province.

How should we split rent and expenses?

Common methods: 50/50 split (simplest), proportional to income (fairer if incomes differ), or the total allocation method (one pays rent, other pays everything else). Choose the method that feels fair and discuss it openly before moving in.

Financial Checklist: Moving In Together in Canada 2026

Before Moving In: Financial Conversations

Topic	Questions to Discuss
Income	What does each person earn?
Debt	Any student loans, credit card debt, car loans?
Savings	How much does each person have saved?
Spending habits	Saver vs. spender? Budget preferences?
Financial goals	Down payment? Travel? Retirement timeline?
Credit score	Any credit issues?
Existing obligations	Child support? Family financial responsibilities?

How to Split Expenses

Method 1: 50/50 Split

Feature	Details
How it works	Everything split equally
Best for	Similar incomes
Pros	Simple, clear, no calculations
Cons	Unfair if incomes are very different

Method 2: Proportional to Income

Feature	Details
How it works	Each contributes same % of income
Best for	Different incomes
Example	If Partner A earns $80K and Partner B earns $50K: A pays 62%, B pays 38%
Pros	Feels fair, accounts for income differences
Cons	Slightly more complex

Example: $3,000/month total expenses

Partner	Income	Share	Monthly Contribution
Partner A	$80,000	62%	$1,860
Partner B	$50,000	38%	$1,140

Method 3: One Pays Fixed Costs, Other Pays Variable

Partner A	Partner B
Rent	Groceries
Insurance	Dining out
Internet	Household supplies
Utilities	Entertainment

Method 4: Yours, Mine, and Ours

Account	Purpose	Funding
Joint account	Shared expenses (rent, utilities, groceries)	Both contribute proportionally
Partner A’s account	Personal spending, savings, individual debts	Partner A’s remaining income
Partner B’s account	Personal spending, savings, individual debts	Partner B’s remaining income

Setting Up Shared Finances

Joint Bank Account Options

Option	Pros	Cons
Joint chequing	Easy bill payment	Full access to each other’s money
Separate accounts + Splitwise	Independence	Manual tracking
Joint + individual accounts	Best of both	More accounts to manage
Joint credit card	Shared rewards	Shared liability

Shared Expense Budget Template

Expense	Monthly Cost	Partner A	Partner B
Rent	$2,200	$1,364	$836
Utilities	$150	$93	$57
Internet	$80	$50	$30
Groceries	$800	$496	$304
Household supplies	$100	$62	$38
Tenant insurance	$40	$25	$15
Total	$3,370	$2,090 (62%)	$1,280 (38%)

Common-Law Implications by Province

When You Become Common-Law

Purpose	Timeline
CRA (federal taxes)	12 months of cohabitation
CPP survivor benefits	12 months
Ontario (property rights)	No automatic property rights*
BC (family property)	2 years (same as married)
Alberta (family property)	3 years of interdependence
Quebec	No common-law regime (need contract)
Manitoba	3 years (or 1 year with a child)
Saskatchewan	2 years

*Ontario common-law partners do NOT have equal property division rights unless they have a cohabitation agreement.

Tax Implications of Common-Law

Change	Impact
Filing status	Must declare common-law on tax return
GST/HST credit	Combined income may reduce or eliminate credit
CCB	Combined family income reduces benefit
Spousal tax credit	Available if partner earns under ~$15,000
TFSA/RRSP	Spousal RRSP becomes available
OAS/GIS (seniors)	Combined income calculation

Becoming common-law can reduce government benefits if combined income pushes you above thresholds. Budget accordingly.

Cohabitation Agreement

What It Covers

Topic	What to Include
Property brought into relationship	Who owns what
Property acquired together	How it’s divided if separating
Contributions to mortgage/home	How equity is split
Debt responsibility	Who pays what debts
Spousal support	Waiver or terms
Pet ownership	Who keeps pets
Dispute resolution	Mediation before litigation

Cost

Service	Cost
Online template (basic)	$100-$300
Lawyer-drafted (simple)	$1,500-$3,000
Lawyer-drafted (complex)	$3,000-$5,000
Each person needs independent counsel	$500-$1,000 each

A cohabitation agreement is especially important if:

One partner owns property
There is a significant income or asset difference
You are buying property together
One partner is giving up career/income to move
You live in Ontario or Quebec (limited common-law rights)

Renting Together

Lease Considerations

Factor	Recommendation
Both names on lease	Yes — protects both parties
Only one name on lease	Risky for the unlisted partner
Sub-let clause	Important if one person moves out
Lease-breaking costs	Understand penalties (typically 2 months rent)

Tenant Insurance

Option	Cost	Details
Joint policy	$30-$50/month	Both partners covered
Separate policies	$15-$30/month each	Independent coverage
Recommendation	Joint policy	Cheaper, covers shared belongings

Buying Property Together (Unmarried)

Ownership Options

Type	How Divided	Survivorship
Joint tenancy	Equal shares	Passes to survivor automatically
Tenants in common	Can be unequal (e.g., 60/40)	Passes to estate (not partner)

Protect Yourself

Document	Purpose
Cohabitation agreement	Outlines property division
Co-ownership agreement	Specifies each person’s equity share
Life insurance	Covers mortgage if partner dies
Will	Ensures property goes to partner
Power of attorney	Healthcare and financial decisions

Money Fights to Avoid

Common Conflict	Solution
Different spending habits	Agree on a shared budget, keep personal accounts
Unequal income	Use proportional contributions, not 50/50
Hidden debt	Disclose all debts before moving in
Freeloading (one partner not contributing)	Written agreement on contributions
Gifts to family	Agree on limits for family financial support
Major purchases without consulting	Set a threshold (e.g., discuss anything over $200)

Financial Checklist Before Moving Day

Task	Done?
Have the money talk (income, debts, goals)	☐
Agree on expense-splitting method	☐
Set up joint account (or choose tracking method)	☐
Get tenant insurance	☐
Both names on lease (if renting)	☐
Consider cohabitation agreement	☐
Update address (CRA, banks, employer)	☐
Update emergency contacts	☐
Set a shared budget	☐
Discuss savings goals	☐
Share WiFi/streaming/subscription costs	☐
Plan for the worst: what if it doesn’t work out?	☐

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