Living in Montreal, 30-year-old William and 34-year-old Jessica are ready for the next chapter of their lives: starting a family.
“My goal is to pay what I owe to Jessica in order to have an equal share paid toward owning the home,” William said, adding that they need advice on the best way to do so. “Is it worth it for me to pay back Jessica, or pay that money directly to the house, or toward joint investments?” William has saved almost $6,000 in a TFSA account and $400 in RRSPs. Jessica has saved around $29,000 in mutual funds, $17,000 in RRSPs and has an extra $50,000 of “mattress money” saved up. The couple will also have to pay their individual RRSPs over the next 16 years as they took advantage of the first-time homebuyers’ plan.
They eat out once a week, most meals are home-cooked, and their discretionary spending is low. They are saving regularly, albeit mostly in Jessica’s name, and both have RRSP and TFSA accounts. They ask whether William should pay Jessica back to have an equal share contributed toward their home. That is a personal decision. There is no right answer here, although from a family law perspective, in the event they are common law and were to split up, there may be reasons Jessica wants to be made even by William.
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