Comments on: The Benefits And Dangers Of Joint Accounts http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/ Canadian Tax Help & Financial Planning Resources Sun, 12 Feb 2012 02:53:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Tax Guyhttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-2/#comment-10051 Tax Guy Mon, 07 Mar 2011 17:37:01 +0000 http://blog.taxresource.ca/?p=48#comment-10051 For tax purposes 100% of any gains are taxed to your mother and "technically" the account is not joint. But that's only an issue if another family member challenges the arrangement. For tax purposes 100% of any gains are taxed to your mother and “technically” the account is not joint. But that’s only an issue if another family member challenges the arrangement.

]]> By: Suehttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-2/#comment-10008 Sue Sat, 05 Mar 2011 23:22:08 +0000 http://blog.taxresource.ca/?p=48#comment-10008 I have a joint investment account with my mom. She is the beneficial owner of that account, that is, any capital gains, investment income, she reports on her tax return. When she pass away, does that trigger a deemed disposition of 100% of her investment (or 50%)? Would this account be considered part of her estate, that is probate fees required? Thank you. I have a joint investment account with my mom. She is the beneficial owner of that account, that is, any capital gains, investment income, she reports on her tax return. When she pass away, does that trigger a deemed disposition of 100% of her investment (or 50%)? Would this account be considered part of her estate, that is probate fees required? Thank you.

]]> By: Tax Guyhttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-2/#comment-9899 Tax Guy Mon, 28 Feb 2011 21:31:12 +0000 http://blog.taxresource.ca/?p=48#comment-9899 Eugenia, I''m really not sure in this case and I have very limited knowledge of Quebec estate issues. Eugenia,
I”m really not sure in this case and I have very limited knowledge of Quebec estate issues.

]]> By: Eugeniahttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-2/#comment-9893 Eugenia Mon, 28 Feb 2011 18:51:54 +0000 http://blog.taxresource.ca/?p=48#comment-9893 Question: I have a joint account with my sister which has been opened from beginning with right to survivorship. I will be moving to Montreal Quebec, how will this affect my joint account? Will I have to terminate the joint account as I understand that there is no joint account for Ontario residents and Quebec residents. And if I don't want to do this, what are my other options? Question: I have a joint account with my sister which has been opened from beginning with right to survivorship. I will be moving to Montreal Quebec, how will this affect my joint account? Will I have to terminate the joint account as I understand that there is no joint account for Ontario residents and Quebec residents. And if I don’t want to do this, what are my other options?

]]> By: Tax Guyhttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-2/#comment-9330 Tax Guy Mon, 10 Jan 2011 21:10:38 +0000 http://blog.taxresource.ca/?p=48#comment-9330 You certainly can open a joint chequing account. Any interest earned on the account would be split according to how each of you fund the account (i.e. if you both equal amounts into the account then you split the interest income 50/50). You certainly can open a joint chequing account. Any interest earned on the account would be split according to how each of you fund the account (i.e. if you both equal amounts into the account then you split the interest income 50/50).

]]> By: Annhttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-2/#comment-9329 Ann Mon, 10 Jan 2011 19:44:15 +0000 http://blog.taxresource.ca/?p=48#comment-9329 My boyfriend and I are not currently living together, but we would like to open a joint account to track our finances for when we go on trips together etc. Can we even open a joint account if we are not legally related (ie. we're not in a common-law partnership)? If so, do the tax implications in your article still apply to both of us? My boyfriend and I are not currently living together, but we would like to open a joint account to track our finances for when we go on trips together etc. Can we even open a joint account if we are not legally related (ie. we’re not in a common-law partnership)? If so, do the tax implications in your article still apply to both of us?

]]> By: Tax Guyhttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-2/#comment-9226 Tax Guy Wed, 29 Dec 2010 17:24:54 +0000 http://blog.taxresource.ca/?p=48#comment-9226 Alex, Since it's mixed funded, you would be responsible for the taxes based on your proportional contribution to the account. Alex,
Since it’s mixed funded, you would be responsible for the taxes based on your proportional contribution to the account.

]]> By: Alexhttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-2/#comment-9220 Alex Tue, 28 Dec 2010 22:44:29 +0000 http://blog.taxresource.ca/?p=48#comment-9220 I have a joint "high-interest savings" account with my father, who is a non-resident, mixed funding into the account, what are the tax implications? I have a joint “high-interest savings” account with my father, who is a non-resident, mixed funding into the account,
what are the tax implications?

]]> By: Tax Guyhttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7246 Tax Guy Mon, 23 Aug 2010 18:48:39 +0000 http://blog.taxresource.ca/?p=48#comment-7246 Allie,When your father passed away, he was deemed to have disposed of the GIC at fair market value on the date of his death. The interest accrued to that date was taxable to him and the interest from that point forward is taxable to you. Allie,

When your father passed away, he was deemed to have disposed of the GIC at fair market value on the date of his death. The interest accrued to that date was taxable to him and the interest from that point forward is taxable to you.

]]> By: Alliehttp://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7242 Allie Sun, 22 Aug 2010 19:25:06 +0000 http://blog.taxresource.ca/?p=48#comment-7242 I share a joint GIC account with my father who is now deceased. It comes up for renewal in 8 weeks. If I chose to cash out in 8 weeks, can my father's estate receive the tax on the interest for the past year or do I have to put through on my taxes? I share a joint GIC account with my father who is now deceased. It comes up for renewal in 8 weeks. If I chose to cash out in 8 weeks, can my father’s estate receive the tax on the interest for the past year or do I have to put through on my taxes?

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