Big changes. Clear next steps.

Your checklist

• Update beneficiaries on TFSA, RRSP, FHSA, and life insurance to name your spouse

  The beneficiary designation overrides your will. Not updating is the #1 estate mistake newlyweds make.

• Update insurance policies (auto, home/tenant) to list your spouse

  Some policies require it for coverage. Also unlocks couple discounts (~10-15%).

• Review and update your will (or create one if you don't have one)

  In most Canadian provinces, marriage automatically REVOKES your existing will. You need a new one.

• Decide on joint vs separate accounts — or the 'yours, mine, ours' model

  No wrong answer. Many couples keep one joint for shared expenses + separate personal accounts.

• File taxes in the 'married' marital status from the wedding date forward

  Unlocks spousal RRSP, spousal TFSA transfers on death, and pension income splitting later in life.

• If one partner's income is much lower, consider a spousal RRSP

  Higher-earning spouse deducts today; lower-earning spouse withdraws at a lower rate in retirement.

• Add your spouse to your employer group benefits if applicable

  Usually has a 30-60 day enrollment window after a 'life event' — don't miss it.

Your checklist

• Register the birth with your province (automatic in most hospitals)

  Triggers SIN application, Canada Child Benefit, and provincial child benefits.

• Apply for the baby's SIN within 60 days of birth

  Required for the RESP and all future benefits. Service Canada provides a same-day SIN for newborns.

• Apply for Canada Child Benefit (CCB) through CRA MyAccount

  Up to $7,787/year tax-free per child under 6 (2024-25). Income-tested. Most Canadian families qualify for something.

• Open an RESP for the baby

  Government gives you 20% back on contributions up to $500/year via the Canada Education Savings Grant (CESG) — free money for the next 17 years.

• Get term life insurance for both parents (or increase existing coverage)

  Typically $500k-$1M per parent. A healthy 30-year-old pays ~$25-35/month for 20-year term. Without life insurance, the death of one parent would financially devastate the survivor.

• Create or update your will with guardianship for the child

  Without named guardianship, a court decides who raises your child if something happens to both parents. You want to make this decision, not a judge.

• Update beneficiaries on all registered accounts to spouse primary, child contingent

  Ensures money goes to the surviving parent, then the child, without probate delay.

• Apply for parental leave (EI) at least 30 days before you stop working

  Standard parental: 35 weeks at 55% of insurable earnings (up to max). Extended: 61 weeks at 33%. Higher-income earners should look at employer top-ups before deciding.

• Apply for provincial maternity/parental benefits

  Quebec has its own QPIP. Other provinces typically pay through the federal EI system.

• Compare parental leave options as a couple

  Up to 5 weeks of 'sharing' weeks exist as an incentive for both parents to take leave. Math may favor the higher earner keeping working.

Your checklist

• Open an FHSA and max the contribution

  $8,000/year, $40,000 lifetime. Tax-deductible going in, tax-free coming out for the first home. The best Canadian account for this purpose.

• Check your cumulative TFSA room on CRA MyAccount

  TFSA withdrawals are tax-free and the room returns next year. Use TFSA for medium-term savings alongside FHSA.

• Understand the Home Buyers' Plan (HBP) from your RRSP

  Borrow up to $60,000 tax-free from your RRSP if you have the savings. Repay over 15 years starting 2 years after withdrawal. A couple can combine for $120,000.

• Get pre-approved by a mortgage broker, not just your bank

  Brokers access monoline lender rates that Big Banks don't publish. Typical savings: 0.25-0.5% vs Big Bank posted rates — on $500k over 5 years that's $10,000-15,000.

• Budget for closing costs (~3-4% of purchase price)

  Land transfer tax (biggest line), legal fees, title insurance, home inspection, moving costs. First-time buyers in Ontario, BC, and PEI get LTT rebates — claim them.

• Check first-time buyer rebates in your province

  Ontario ($4,000 provincial + $4,475 Toronto municipal if applicable), BC (partial/full rebate up to $500k), PEI ($2,000). Claim at closing, not later.

• Claim the federal Home Buyers' Tax Credit (HBTC)

  $1,500 non-refundable federal tax credit. Claim it on your next tax return after buying.

• Get tenant insurance quotes → home insurance quotes BEFORE closing

  Home insurance is MANDATORY with a mortgage. Shop around — Ratehub, RBC Insurance, TD Insurance, belairdirect all offer online quotes.

• Budget for the ongoing carrying cost, not just the mortgage payment

  Property tax + maintenance + insurance + utilities typically add 30-50% to the mortgage payment. A $3,000/mo mortgage usually means a $4,500/mo real cost.

• Do NOT skip the home inspection to win a bidding war

  Finding $30,000 of foundation work after purchase is worse than losing the house. Walk away from anyone who forbids an inspection.

Your checklist

• Apply for EI the same day you stop working

  Benefits start after a 1-week waiting period. Applying LATER doesn't backdate — don't delay.

• Request your Record of Employment (ROE) from your employer

  Employers are legally required to issue an ROE within 5 days. You need it for EI processing.

• Negotiate severance if offered

  Canadian common law typically gives 1 month per year of service for salaried employees. Don't accept the first offer if you have 3+ years. Consult a Canadian employment lawyer — first consultations are often free.

• Don't immediately cash out severance lump-sum

  Large lump sums push you into a higher tax bracket. Ask if severance can be paid over 2 calendar years to spread the tax.

• Review your group benefits expiry

  Some employers extend benefits 30-90 days post-termination; others cut them immediately. Know your coverage dates before you need a doctor.

• Consider COBRA-style continuation (if available) vs private coverage

  Canadian group benefits don't have a formal COBRA, but some employers let you extend coverage for a fee. Cheap comparison with private individual coverage.

• Cut discretionary spending immediately

  Every month of preserved cash = one month of runway. Cancel subscriptions, pause gym, defer large purchases.

• Review your emergency fund and runway

  Use the resilience score on your dashboard to see how many months of zero income you can survive. That's your decision clock.

• DO NOT cash out RRSPs/TFSAs in a panic

  RRSP withdrawals trigger tax + withholding + lost contribution room forever. Use TFSA if you must tap something, but try EI + severance + cash buffer first.

• Update your TFSA/RRSP direct deposit to match new banking if needed

  EI and CRA refunds come via direct deposit — make sure they land in the right account.

• Consider the 'severance RRSP rollover' if highly applicable

  For long-tenure employees (with service before 1996), some severance can be rolled directly into an RRSP without affecting contribution room. Talk to an accountant.

Your checklist

• Get an independent family lawyer — not the same one as your spouse

  Canada requires each party to have independent legal advice for a separation agreement to be enforceable. Many lawyers offer fixed-fee initial packages.

• Document the date of separation precisely

  Many Canadian provinces use separation date to calculate net family property (what you split). This date matters enormously.

• Freeze joint credit accounts (cards, LOCs, HELOCs)

  Until formally closed, one partner can rack up debt the other is legally liable for. Call the bank and close or freeze.

• Pull your credit report and dispute any unauthorized activity

  Sometimes an angry ex runs up debt in the other's name. Equifax and TransUnion both offer free reports in Canada.

• Update beneficiaries on TFSA, RRSP, FHSA, and life insurance

  Most people forget this and their ex remains the beneficiary. Beneficiary designations override your will — if your ex is still listed, they receive the money.

• Update your will

  Most provinces don't auto-revoke wills on separation (unlike marriage). You need to actively update it.

• Understand RRSP/RPP splits during divorce

  Retirement accounts can be split between spouses without triggering tax, via form T2220 for RRSPs. Done right, it's tax-free. Done wrong, it's a huge tax bill.

• Understand the CPP credit split

  CPP contributions made during the marriage can be split between spouses upon separation via Service Canada. This affects your future CPP benefits.

• File your first post-separation taxes as 'separated'

  Changes spousal amount, GST credit, CCB, and other income-tested benefits. Notify CRA via My Account.

• Build your own credit if it was joint/co-signed

  If you were an authorized user on your spouse's cards, your credit file may be thin. Get your own card and build history.

Your checklist

• Decide when to start CPP

  You can start anywhere from age 60 (0.6%/month penalty = 36% less lifetime) to 70 (0.7%/month bonus = 42% more). Most Canadians benefit from delaying past 65 if they can.

• Decide when to start OAS

  Standard start is 65, can defer to 70 for 36% more. If you'll be subject to OAS clawback (income >$93k in 2025), deferring often makes sense.

• Check your workplace pension options (DB or DC)

  DB: decide between lump sum commutation vs monthly pension (usually monthly is better). DC: choose annuitization, RRIF, or self-managed drawdown.

• Convert RRSP to RRIF before age 71 (deadline: end of year you turn 71)

  Required by law. You can also convert earlier if you want to start drawing. Plan the withdrawal rate carefully.

• Design your drawdown order

  General rule: non-registered → RRSP/RRIF → TFSA. TFSA lasts longest (tax-free growth forever) and is best for your estate. Talk to a fee-only CFP — this decision is worth hours of paid advice.

• Use pension income splitting at age 65+

  At 65+, you can split eligible pension income (RRIF withdrawals, DB pension) with your spouse, potentially saving thousands in tax yearly.

• Consider downsizing the home if equity is trapped there

  Capital gains on your principal residence are tax-free. If you have $500k of home equity but can't access it, moving to a $300k place frees up $200k tax-free.

• Get a final tax projection with a CPA

  Retirement changes your tax picture dramatically. A one-time $300 CPA engagement can save you thousands/year for decades.

• Review health coverage

  Provincial health plans cover basics but drugs/dental/vision often need private insurance in retirement. Check whether your pre-retirement group benefits extend (some do, for a fee).

• Update your will and power of attorney

  Retirement is the right time to revisit estate documents. Financial POA and personal-care POA are usually separate documents in Canada.

Your checklist

• Get your SIN day 1

  Walk into a Service Canada office with your permit/PR card. Same day, free. Nothing else works without it.

• Open a newcomer bank package at a Big Five bank

  Free chequing for 12-24 months + unsecured credit card with NO Canadian credit history. Legitimate deal. Use for 12-18 months, then move to a no-fee challenger bank (e.g. EQ Bank, Simplii, Tangerine, or Wealthsimple Cash).

• Build credit from day 1 — use the credit card monthly

  Your home country credit doesn't transfer. 18-24 months of Canadian history gets you to 'good' (660+). Essential for renting, car leases, mortgages.

• Apply for provincial health coverage

  Most provinces have a waiting period (up to 3 months). Buy private gap insurance for that window — one ER visit can be $1,500+ without coverage.

• File a tax return in your first spring, even with $0 income

  Unlocks GST/HST credit, Canada Carbon Rebate, provincial benefits, and creates your TFSA room. Use any free CRA-NETFILE-certified tax software (e.g. Wealthsimple Tax, TurboTax Free, StudioTax, or GenuTax).

• Do NOT send all savings home immediately

  Keep 3 months of expenses as emergency fund in Canada. For remittance, use a low-fee money-transfer service (e.g. Wise, Remitly, or WorldRemit) — NOT bank wires (Big Bank FX markups are 2-4% hidden).

• Avoid 'newcomer' loans and agents with high rates

  Some lenders target newcomers with 19-30% APR loans. If a rate seems predatory, it is. Credit unions are usually fairer.

• Check your province's settlement services

  IRCC-funded settlement agencies (SUCCESS BC, ISANS Atlantic, COSTI Ontario, YMCA nationwide) offer FREE job-search help, resume review, language classes.

• Get your credentials evaluated (WES, ICES) if needed

  Most regulated Canadian professions require foreign degree evaluation. WES costs ~$220 and takes 4-6 weeks.

• Take the Fraud & Scams course

  Newcomers are the #1 target of Canadian scams. IRCC impersonation, fake tuition agents, fake job offers — learn the patterns.

Your checklist

• Get 10+ copies of the death certificate

  Almost every institution will demand an original. Order extras from the funeral home or provincial vital statistics office.

• Notify Service Canada immediately

  Stops CPP/OAS payments (continuing payments become 'overpayments' to recover) and initiates survivor benefits: CPP Survivor's Pension, CPP Death Benefit ($2,500), and Allowance for the Survivor (if under 65).

• Notify the CRA

  Triggers the final tax return (a separate T1 for the year of death). Executor is responsible — may need a CPA.

• Contact the employer if the deceased was working

  Unpaid salary, final vacation pay, group life insurance, pension survivor benefits, group RRSP transfer — all need employer action.

• Contact all banks and update account status

  Joint accounts transfer automatically by right of survivorship. Solo accounts are frozen until the executor is confirmed. Know which is which.

• File claims on life insurance policies

  Insurers pay within 30 days for term life on presentation of death certificate. Named beneficiary receives tax-free. Delaying costs nothing but prolongs stress.

• Transfer registered accounts (TFSA, RRSP, RRIF)

  TFSA: spouse can roll it into their own TFSA tax-free via 'exempt contribution'. RRSP/RRIF: spouse can roll it into their own RRSP/RRIF tax-free. Not rolling = massive tax bill.

• Update your own will

  Your will probably named the deceased as primary beneficiary. It now needs to pass to the contingent. Update it.

• Begin probate if required

  Probate is court certification of the will. Needed to transfer assets held solely in the deceased's name. Costs 1-2% of estate value in most provinces.

• Apply for Canada Pension Plan Survivor's Pension

  Spouse receives 60% of the deceased's CPP (age 65+) or a blended rate (under 65). Lasts for the survivor's lifetime.

• Consider your own tax situation for the year

  You file as 'surviving spouse' (not single) for the year of death. Can still split pension income, claim spousal amount, etc.