Country Singer Canaan Smith and Wife Christy Expecting First Child: 'Best Moment of My Life'

Canaan Smith is going to be a dad!

The country singer-songwriter and his wife Christy are expecting their first child — and to celebrate the good news, Smith has released his new song "Life Ain't Fair," which is co-written by himself, Corey Crowder and Florida Georgia Line’s Tyler Hubbard.

In a sweet tribute to his spouse of five years, the track finds Smith, 37, thanking God that “life ain’t fair,” because if it were, “I guarantee that I’d have nothing close to good as you for sure.”

The country artist has also released a video to go along with the song that features clips of the parents-to-be spending time together, including one extra-adorable moment where Smith kisses his wife’s baby bump.

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Canaan Smith (L) and wife Christy

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Opening up about how Christy first broke the exciting news to him, Smith tells PEOPLE that it was the “best and most meaningful moment of my life.”

“You know how some people are too nice to say no? That’s my wife 100 percent. So, when a salesperson at Home Depot asked if she could set up an in-home consultation to test our water filter in exchange for a $20 gift card, Christy said yes,” he shares, adding that he “could sorta tell something was on her mind.”

“For the record, I was not at all excited about this consultation. My plan was to rush through it and say, ‘Thanks but no thanks.’ But once I saw the water-test results, I was fascinated. What should have been a quick 20 minutes turned into an hour-and-a-half science experiment, and I was loving every minute,” Smith explains. “Meanwhile, Christy’s having to keep her big news all to herself.”

Canaan Smith (L) and wife Christy

“Finally, we wrapped it up and said, ‘We’ll think about it.’ As soon as we closed the door, Christy says, ‘Remember when I told you I had a dream that I was pregnant?’ I said, ‘No. You didn’t tell me that.’ She said, ‘Yeah, remember, I told you,’ and I followed with another, ‘No, I don’t.’ And before I could even ask why, it hit me!” he says.

“I don’t know which was better — the news or the happiness on her face,” adds the "Love You Like That" crooner. “Mine too. That was the best and most meaningful moment of my life.”

As for what’s next, the couple don’t know the sex of their baby, but they have already started thinking of some possible names.

“We love surprises and we are waiting to find out [the sex] in the delivery room,” Smith tells PEOPLE, saying that they’re “constantly adding and erasing names” from their list. “We both love unique names, so it’s been a blast to do this together,” he says.

Christy Smith

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Still, the pair haven’t agreed on a final moniker just yet. “I liked Ryker for a minute, but that one ultimately got nixed by us both,” he says.

Although the parents-to-be can’t always be together, Smith says they’ve still managed to spend “some really special time together” throughout Christy’s pregnancy.

“Being on the road has gotten exponentially harder. I want to be in both places at once,” he tells PEOPLE. “She works full-time as a nurse practitioner, so coming out on the road is difficult.”

“But we did sneak away to Tahoe for a babymoon,” Smith adds.

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