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Home My WebLink AboutThe Citizen, 2017-02-09, Page 11THE CITIZEN, THURSDAY, FEBRUARY 9, 2017. PAGE 11. FINANCIAL 2017 Financial planning should follow wedding planning After the "I dos" Wedding planning is important, but planning for life after the big day is even more important. Making decisions about family finances can make for some tricky discussions, especially when partners are used to dealing with their own financial plans. (MS photo) MS – Couples can spend months or even years planning their weddings. While planning a wedding requires lots of hard work, couples may also want to give some thought to life beyond their wedding day. One of the more important matters couples must consider is how to manage their finances once they tie the knot. Discussing money can be a tricky issue, particularly when couples have long been accustomed to handling their own accounts and being responsible for their own income and expenditures. Bringing another party into the equation can complicate matters, particularly when one spouse may not have the full picture of the other's spending and saving habits. In fact, the financial resource Bankrate.com says some of the most c ommon financial problems newly -married couples encounter include overspending and managing debt. When deciding how to merge their finances, couples can experiment to see what works best for them. It may take some trial and error before couples find a solution that works for them, but it's important that couples keep the lines of communication open and express a willingness to compromise with regard to managing money. The following are some additional tips for couples who want to make the transition to sharing finances go as smoothly as possible. • Start the conversation early: According to a recent poll by the National Foundation for Credit Counseling, more than two-thirds of engaged couples had negative attitudes about discussing money with their soon-to-be spouses, with five per cent saying even having the conversation would cause them to call off the wedding. If money is causing this type of issue before the wedding, delaying the conversation until after tying the knot can be a big mistake. It's better for couples to begin financial discussions and start brainstorming long-term goals and plans as soon as they get engaged. Don't hide negative financial information from a prospective spouse. Being open and honest – even though it can be challenging – is the best way to proceed. • Deal with debt: Hiding debt is a big mistake. Discuss debt early on and come up with a way to pay it off together. The experts say, like it or not, once you're married, your spouse's debts become your problem. His or her credit score can impact your ability to get credit as a couple. It's best to handle debt efficiently regardless of who is responsible for the debt. • Decide who is the money manager: One person may be better or more organized when it comes to paying bills. Whether you keep separate accounts or combine them, it is easier for one person to take the lead and manage the finances from month to month. Money can funnel into a joint account specifically established to pay bills. • Develop a joint budget: Not only do finances need to be merged, but so, too, do lifestyles. Couples must be on the same page regarding their spending habits and keep luxury or personal expenditures in check. Work out a budget and savings plan together. Managing finances is a conversation that newlyweds need to have as soon as possible. Tips to keep tax return preparation time stress free NC – Tax time can be a hectic part of the year. Fortunately, there's plenty you can do to get ready. Check out these tips to get through the season without breaking a sweat. • Get ready: Everything you need to know to do your taxes, including important due dates, is available at cra.gc.ca/getready. • Do your taxes on time and online: If you owe taxes, file your return and pay on time to avoid late - filing penalties and interest. If you don't owe taxes, you should still do your taxes on time to receive your Canada child benefit and GST/HST credit payments without delay. If you're expecting a refund, it can be in your bank account in as little as eight days if you file online and sign up for direct deposit. You can prepare your return yourself using the "auto -fill my return" service to fill in parts of your return, available in some NETFILE- certified tax preparation software programs when you are registered in the Canada Revenue Agency (CRA) My Account feature on the website. Check out the CRA website to see Family budgeting with children NC – Every parent knows how tough it can be to have a financial plan when children are in the mix. Try these tips that are guaranteed to save you time and money, and help you set a good example to boot. • Fun for free: With a little creativity, you can save a lot on entertainment and leisure. Check out your city's community calendar for free events and activities, and visit your local library for books, movies and passes to popular attractions. Find out when that cool museum offers a free day for everyone, and plan dinners out for kids eat free nights instead of weekends. Schedule a staycation, visit nearby towns and have adventures in public parks. • Budget for teachable moments: Create a budget by identifying your priorities. For example, is a love of travelling something you want to share together? Try eating more meals at home to save up for trips. The important thing is that you stick to your budget — that way, as the kids get older you can teach them to do the same and show you practice what you preach. • Direct deposit: Receive your Canada Child Benefit, GST/HST credit, and other tax -related payments straight into your bank account by signing up for direct deposit. It's the fastest, safest and greenest way to get your payments. Direct deposit means you won't need to go to the bank to cash your payments, making it perfect for busy on -the -go families. Sign up for direct deposit by visiting your financial institution or go to directdeposit.gc.ca for more information. ABC INVESTMENTS BEST GIC RATES 1 yr. 2 yr. 3 yr. 4 yr. 5 yr. 2.04% 2.05% 2.08% 2.11% 2.25% ABC Investments is a broker for more than 30 financial institutions We do not charge any fees for our services. All investments are eligible for deposit insurance. ABC Investments 12 Courthouse Square, Goderich N7A 1 M3 Give us a call or stop in for rates on RSP's, RIF's & TFSA's (We will pay the transfer fee charged to you by another financial institution up to $100.) 519-524-277311-800-265-5503 abcinvestments@gicinvest.net certified products — you may also be eligible for free software. • Claim your deductions, benefits and credits: Learn about the deductions, benefits and credits you may be eligible for on the CRA website. These include child and family benefits, credits for medical expenses and charitable donations, the disability tax credit and more. • Get help: If you have a modest income and simple tax situation and need help completing your return, many community organizations host free tax preparation clinics that can help. The Community Volunteer Income Tax Program is a great resource that helps thousands for free every year. • Ask for a payment plan: Some taxpayers may not be able to pay all their taxes by the due date. If you owe taxes but can't pay, you may be able to set up a payment arrangement to pay in smaller amounts over time. DONALD A ANDREW ACCOUNTING Accounting & Income Tax Services for FARMS, BUSINESSES & INDIVIDUALS 296 Ross St., Lucknow Ph. 519-528-3019 dandrew@hurontel.on.ca Brian E. Wightman Chartered Professional Accountant Certified General Accountant • Personal & Corporate Tax • Accounting & Bookkeeping's • Agricultural Services Seaforth 519-527-1331 Email: wightman@bellnet.ca