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We explain in this video how joint bank accounts work, who can use them and how to open one online.
There are many good reasons to open a joint bank account—and they’re not just for couples. Watch this video to learn how joint accounts help you manage your money with another person, what features to look for in a new account, and more.
Video: Five things to know about joint bank accountsSubscribe to the MoneySense YouTube channel to watch all of the videos in this series and more.
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Hi!
I’m having some issues understanding how to pay taxes for a joint account I have with my father. It’s a savings account and it earns interest, but no other investments in it. I understand from the CRA that taxes should be paid in proportion to what each person has contributed. But what about going back years? lets say in 2021 we both contribute 50/50 and taxes are paid 50/50. But then for the year 2022 my father contributes 100% and I don’t contribute anything. Does this mean that on 2022 he is the only one that has to pay taxes, or the portion I had contributed in the previous years also counts towards my total percentage to pay for 2022?
And…this is a separate question/issue making the situation a bit more tricky. I’m a Canadian resident but my father lives in Mexico and has no ties to Canada. Who has to pay/report the taxes and where? Lets say, based on the question above that the answer was that my father has to pay 100% of the taxes for the interest of year 2022, where would he pay and report this, in Canada, Mexico or both countries?
The CRA website doesn’t clarify very well, and the legal jargon used in the bilateral treaties between the two countries has been difficult for me to understand, so after lots of reading I still can’t figure out the answer to this question.
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.