The Price of Saying “I Do” in Canada

Wedding Costs

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They say every young girl (and a few boys) starts planning her dream wedding at a very early age. It’s unlikely that the costs associated with that fairytale wedding are considered as the dress, the flowers, and the cake are imagined. By the time the big day comes, it’s hard to let go of what has been played over in their head for years. Very few brides (and a few grooms) are willing to compromise on the event they’ve been planning all their lives.

The average Canadian wedding rings in at between $20,000 and $30,000. This doesn’t even include the cost of the engagement ring, which traditionally costs two month’s salary. At the high end, with the ring, $32,000 is more than some people make in an entire year, before taxes!  Is it fear of commitment that keeps boyfriends from popping the question, or are they more afraid of how much one big day is going to hurt their bank accounts.

From invitations and stationary to the cost of the honeymoon, until you really sit down and start planning a wedding, most people have no idea how many different expenses and details are involved. Could you plan a wedding for less than $20,000? Sure you could. Is the average Canadian couple-to-be willing to spend less for their big day? According to the research RedLeafLoans.ca has compiled on the average Canadian wedding costs, the answer is no. If the total amount is not surprising, the way the budget is allocated just might. Check out our “The Price of Saying ‘I Do’ in Canada” infographic here.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Link to full infographic:

* Subject to approval times. In many cases, your money will be deposited the same working day you request it. Approval times may vary depending on the time it takes to receive and verify documents, but in most cases approval takes place the same day. The amount you are approved to borrow is based on your credit history and ability to repay a loan. Not everyone qualifies for a loan. Once approved, the money is sent to your bank to be placed into your account. Representative APR (Annual Percentage Rate of charge) example: Ontario residents who choose to borrow $300 for 14 days will be charged a total of $62.94 for credit. This is based on a fixed rate of $20.98 for each $100 borrowed. The total repayment amount will be $362.94. The representative APR will be 546.98%. Alberta, British Columbia, and Saskatchewan residents who choose to borrow $300 for 14 days will be charged a total of $68.94 for credit. This is based on a fixed rate of $22.98 for each $100 borrowed. The total repayment amount will be $368.94. The representative APR will be 599.12%. To see more examples, please visit our Rates page.

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