Should you move in together to save money?

People have strong opinions about living with a significant other before marriage - but the stats show that more and more people are doing it. Some of the main factors are convenience, life stage and also money. We wanted to see how money plays into peoples decision to either live together, or buy real estate together, especially before getting married (or maybe they never plan to!).

We hit the streets of Toronto to ask - 'Would you move in with your significant other?', 'Do you know what a Common Law relationship is?', and 'Would you ever sign a Cohabitation Agreement?'.

Make sure you answer some of these questions in the comments below!

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[stephandden]

We need to know - would you (or have you) ever move in with a significant other to save money? Give us your thoughts! 👀

[caydenpo]

The laws common law and cohabitation are crazy in Canada right now. The second you move her in that house, it and your other assets are at risk. I'd rather pay the extra than take on those risks.

[Thedarkniterises]

I think people should get their money and life in order first before trying to pull someone into it. They should be mature, wise, good savers/spenders and lived a bit of life caring for responsibilities. I also think people should definitely get married. Stats simply show it's favorable...and ensure they communicate their assets and be with someone who is willing to. I live in Toronto too with my wife and shes on everything i own.

[ginger]

Loving the couples/shared finance content! Cohabitation is a really personal thing but it's also fairly common (particularly in high cost of living areas). Depending on where you live, laws and fiscal policy can also force you to fall into compliance and do things together financially when you might not be ready. Everyone should ensure they are aware of their rights, obligations and preferences before committing to a long term/cohabitation relationship. Having conversations about this is a super integral part of maintaining a relationship (money problems are the number 1 reason for relationship breakdown), thank you for sharing this!

[lopinionista]

Thank you for pointing out at the end of the video that moving in with your SO is an important decision that should not be taken lightly. Never, ever move with your boyfriend or girlfriend, just for financial reasons, you are only going to hurt yourself. If you want to save money, you can just share the apartment with a flatmate (hoping to find a good one). I speak by personal experience. I am firm believer that in life we should take risks, in order to mature, but there are certain things that cannot be just rushed. Move in together only if you have common goals together and you have complete trust on each other.

[CreateTech]

I love it when you guys go out in public and ask Qs!!!

[paulpoco]

In 2003 my wife said she is only moving in if we get married, married 20 years May 2024.

Tips: if someone snores, each have their own bedroom. And each have their own TV room.

[michaelssali]

The only way I'd live with a woman is if I put a ring 💍 on her finger. Before marriage, I rather have bros as my roommate(s). The reason why I wouldn't live with a girlfriend is because...well, it's stuff I can't write on this clean channel. But once I'm married, then we will live together. I've never heard of common law until a few months ago when someone on y'all's comments said you two are in a "common-law" relationship. I think it's actually a great thing for people because marriage and divorce suck. But yea, I will not live with a woman until after I say, "I do."

[stephicool]

How has your tax situation changed from tiling as single to common law? Did your taxes owed / refund increase or decrease?

[mrs.natashaellwood]

My boyfriend of 1 year and I moved in together 1 month after I turned 18. I'm now 25 and we are married with 2 kids and have lived in 3 different provinces together.

[yuhyuh]

I'm shocked you interviewed Lawrence, he's a mathematics professor at the university and I've had some classes with him 😂

[Dor_alien]

Interesting! Just curious, how could the CRA confirm a couple is common law if they each still have a different address on file? I've heard of couples who have lived together for years but haven't filed their taxes as common law simply because it's apparently harder to go back to single status after filing as common law.

[hanjiharman]

Honestly, Not sure how to react in few words here!
I guess if your paying ur share of rent, how diff is it then living with a roommate?
But if a couple is at a level that they have combined goals and participate towards those goals then it makes sense to live together for sure assuming they are at that level to be able to talk about everything and anything as a couple. You don’t wanna move in with someone who shares goals but is on a different tangent i.e. one is spending way too much and the other ones always being frugal for the common goal…i can go on n on here but theres way more complexity to this topic and money or financial management is one part of the relationship

[chloegracetv]

Whatever women is seeing this right now… DONT YOU DARE MOVE IN WITH THAT MAN until u can pay for everything on your own girl! Don’t get stuck!

[destinyschild]

I didn’t know you have to file taxes together if you live with a significant other after a year that’s definitely good to know!

[Healthyhabits]

What are the cons of splitting taxes? Im not currently common law im just curious if this is a negative or postive aspect?

[alexwyler]

in America, " common law marriage" states do not have the legal and financial protections that an American marriage will have or a Canadian " common law relationship" will have. In America, you will not have the assurance that you can advocate for the care of your partner in a medical emergency, you will not necessarily get help from the Social Security office for your kids, or as survivor benefits and many other such little advantages ( that you probably have in Canada in a common law relationship).

[marietaylor]

Splitting taxes would be a dealbreaker!!!

[Jibril_Abdulkadir]

Great video I think it depends on the couple but two incomes is better than one 😂