Just Like T-Swift & Travis Kelce: What an Engagement Means for Finances

It’s the news that Kansas City Chiefs and music fans have been waiting for: Chiefs Tight End Travis Kelce proposed to Pop Phenom Taylor Swift. The internet and social media is excitedly abuzz with pictures of the ring, the beautifully flowered setting where it all happened, and of course the memes that transpired shortly thereafter. 

With big celebrities come big finances. We’re sure that Taylor and Travis have high-paid people who take care of that, but even if you don’t have an anticipated 14th studio album on the way, and a Superbowl ring, there are some real-life financial considerations to getting engaged.

Here’s what we think Tay-Vis should be thinking about now that they’ve locked it down, and what you should be thinking about if you are also in your prenup era.

1. Joint bank accounts or separate?

Now that Travis will be cat-dad to Taylor’s Meredith Grey, Olivia Benson, and Benjamin Button, will the cat food be a joint expense, and how will it get paid for? One of the first money talks couples face (right after the wedding budget debate) is: Do we merge our money, or keep it separate? Spoiler: there’s no “one-size-fits-all” here—it’s about finding the system that works for you.

Joint accounts: The pros & cons

Pros: Easy for paying shared bills like rent, mortgage, utilities, or streaming subscriptions; keeps both partners in the loop on household spending; can simplify budgeting.

Cons: Less privacy—every latte and late-night online splurge is visible. Also, if one partner carries debt or is a big spender, it can create stress.

Separate accounts: The pros & cons

Pros: Financial independence—your paycheque is yours, their paycheque is theirs; keeps personal spending separate; can protect against resentment if one partner earns significantly more.

Cons: Harder to track shared expenses unless you use apps or spreadsheets; might require more communication around “who’s paying what.” If one partner is negligent about paying their assigned bills, this can create conflict.

The hybrid option (most popular in Canada)

A lot of couples go for the “yours, mine, and ours” model. You each keep your own account for personal spending, then contribute to a shared joint account for household bills, travel, or savings goals. It’s flexible, transparent, and still lets you buy concert tickets without judgment.

Tax Tip: However you set things up, remember that the CRA doesn’t care whose name is on the bill—it cares who paid it. When claiming things like medical expenses or charitable donations, couples often save more if they pool receipts and create a tax strategy

2. You still file your own taxes—but “coupled returns” are a thing

Canada isn’t the U.S.—there’s no “joint return.” So while Taylor and Travis might file jointly, here in Canada you’ll each file separately—but you can prepare them together as a “coupled return.” 

Why do it?

• Your incomes get considered together to determine eligibility for benefits like the GST/HST credit—and if one partner earns a lot more, your combined income could limit certain benefits. 
• There are smart tactics regarding tax credits: you might transfer non-refundable credits between partners or choose who claims medical expenses for maximum impact. 
• Things like pooling charitable donations or pension-income splitting can lower your overall family’s tax bill. 

TurboTax can help you file as a couple and prepare your returns simultaneously. The software prompts you to enter information about you and your spouse while crunching the numbers in real time to decide who benefits from what credits. All while minimizing overall taxes owed and maximizing refunds wherever possible.

3. Moving in together or taking the ring—common-law vs. married

We don’t know if Travis and Taylor may have lived together prior to engagement. But, if they did, if they were living here, in the eyes of the CRA they may be considered already married. In Canada, common-law is considered 12+ months of cohabitation or sharing a child. You’ll still need to update the CRA with a form RC65.

4. Prenups: protect the romance and your financial future

Let’s talk prenups. We’ll be honest, they are not fun. Who wants to negotiate their divorce while they are still glowing from getting engaged, and the feelings of forever are strong. Romantic? Maybe not. Responsible? Totally. Whether you’re an NFL champ marrying a chart-topping artist or just two regular people heading into marriage, a prenuptial agreement can help outline what belongs to who when you enter into a marriage. For example, if you are each coming into the marriage with real estate or investments, how ownership is addressed could affect capital gains upon selling.  

Why it makes sense:

• Clearly defines what belongs to who (think: FHSAs, RRSPs, houses, businesses)
• In case things don’t work out, it helps with smoother separations and protects what’s yours
• You can set some financial ground rules about who pays for what, which can lessen conflict throughout a marriage. 

Whether or not you are the most recognizable couple on the planet right now, this next phase comes with paperwork, but also smart moves. Let your love lead you—but let your brains guide your tax and financial strategy.

When filing your first tax return together, TurboTax would love to third-wheel. You can do-it-yourself, have us help, or hand it off to us altogether.

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