{"id":12386,"date":"2025-04-24T16:34:33","date_gmt":"2025-04-24T16:34:33","guid":{"rendered":"https:\/\/wp.springfinancial.ca\/?p=7010"},"modified":"2025-12-12T19:23:26","modified_gmt":"2025-12-12T19:23:26","slug":"pros-cons-joint-bank-account-with-parent","status":"publish","type":"post","link":"https:\/\/springfinancial.ca\/fr\/blog\/save-invest\/pros-cons-joint-bank-account-with-parent\/","title":{"rendered":"Pros and Cons of a Joint Bank Account with a Parent"},"content":{"rendered":"\r\n

While, in some respects, opening a joint bank account with a parent is similar to having a joint account with your partner, there are some differences. That said, these differences don\u2019t pertain to the actual accounts themselves. No matter which joint account you have, the rules are the same no matter you\u2019re joint on the account with.\u00a0<\/p>\r\n\r\n\r\n\r\n

Tax Implications of a Joint Parent Account<\/h2>\r\n\r\n\r\n\r\n

When it comes to taxes, these can be triggered when a parent opens a joint investment account with their child. In this instant, the Canada Revenue Agency might deem that that portion of the account was given to the child. Then, the parent would be required to pay the capital gains on the funds as well.\u00a0<\/p>\r\n\r\n\r\n\r\n

However, with a traditional joint account, there are no tax implications. These accounts work the same; just more than one person has access to the funds.\u00a0<\/p>\r\n\r\n\r\n\r\n

Best Bank for a Joint Account<\/h2>\r\n\r\n\r\n\r\n

When it comes to joint bank accounts in Canada, there are actually 3 different accounts that many bank users recommend. These are Scotiabank, Tangerine and EQ Bank. Let\u2019s take a look at how they work.\u00a0<\/p>\r\n\r\n\r\n\r\n

Scotiabank<\/h3>\r\n\r\n\r\n\r\n

Opening a joint account is very similar to a regular account, except you add someone else who has the same access to the account as you. The main reason that Scotiabank<\/a> is a recommended account is because of all of the benefits they offer. They have a variety of different accounts to choose from, and you can eliminate your fees by having a larger balance in your account.\u00a0<\/p>\r\n\r\n\r\n\r\n

Tangerine<\/h3>\r\n\r\n\r\n\r\n

Tangerine<\/a> is another popular option for joint accounts because it has no banking fees and a variety of different account options to choose from. Just like with other popular bank branches, each user will get their own card, and they can access the account whenever they like. If at any point you choose to remove the joint person from the account, they will close the existing account entirely and open a new individual account.\u00a0<\/p>\r\n\r\n\r\n\r\n

EQ Bank<\/h3>\r\n\r\n\r\n\r\n

Unlike other banks, EQ Bank<\/a> offers a specific joint account. This account earns interest of\u00a0 4.00% with up to 3 people, and there are no monthly fees. There are no minimum account balances required, you get unlimited transactions, and everything is eligible for CDIC insurance. All you need to qualify is to be a Canadian Resident, have a Social Insurance Number, and be the age of majority in your province.\u00a0<\/p>\r\n\r\n\r\n\r\n

One thing you should remember about EQ Bank is that it\u2019s an entirely online financial institution. It doesn\u2019t have in-person bank branches like many other banks. You also are unable to get cheques with your account. Other than that, though, this account will function just like a traditional joint account.\u00a0<\/p>\r\n\r\n\r\n\r\n

Online Banks that don\u2019t Offer Joint Accounts<\/h2>\r\n\r\n\r\n\r\n

While most banks in Canada offer joint accounts, there are a few online banks that don\u2019t. These banks either have alternative options, or they don\u2019t offer joint accounts at all. Let\u2019s take a look.\u00a0<\/p>\r\n\r\n\r\n\r\n

PC Money Account<\/h3>\r\n\r\n\r\n\r\n

While the PC Money<\/a> account is different from your traditional account, you can add people to the account. Essentially, you\u2019re just adding an authorized cardholder, but you still have the mprimaryaccess to the account. Plus, there are no fees on this account, and you can make unlimited transactions. You can even earn PC Optimum points as you spend.\u00a0<\/p>\r\n\r\n\r\n\r\n

Neo\u00a0<\/h3>\r\n\r\n\r\n\r\n

Another popular online bank is Neo<\/a>. They offer credit cards, secured credit cards and bank accounts. However, you\u2019re currently unable to get joint accounts or secondary cardholders with Neo. As of right now, all of their accounts are designed for individual cardholders.\u00a0<\/p>\r\n\r\n\r\n\r\n

CDIC Insurance and Joint Accounts<\/h2>\r\n\r\n\r\n\r\n

Just like regular bank accounts in Canada, joint accounts are protected by Canada Deposit Insurance Corporation Insurance. Just like individual accounts, all joint accounts are protected up to $100,000. However, because there are two owners on the account, it will go to one of them but still be put in both party’s names.\u00a0<\/p>\r\n\r\n\r\n\r\n

Joint Bank Accounts and Death<\/h2>\r\n\r\n\r\n\r\n

One convenient aspect of joint bank accounts in Canada is the right to survivorship. This means that if one person dies, the other account owner has sole ownership of the account that was held jointly. However, you can manage this. In cases of other trust property that requires a trust relationship, this is known as resulting trust since it gives full ownership and express trust access to the remaining party. You can specify this in your estate planning.\u00a0<\/p>\r\n\r\n\r\n\r\n

With joint accounts, you can require that both parties are needed to access the funds or have a stipulation in place if this situation does occur. However, if you haven\u2019t done either of these things, then the right to survivorship is evoked, which may have been what the parent intended. Power of Attorney isn\u2019t needed because the funds aren\u2019t considered to be part of your parent\u2019s estate (or the deceased\u2019s estate).<\/p>\r\n\r\n\r\n\r\n

You can also avoid probate fees associated with the account since it won\u2019t be included in the probate process. This can make it easier to cover financial responsibilities when a parent passes.<\/p>\r\n\r\n\r\n\r\n

<\/a><\/p>\r\n\r\n\r\n\r\n

 <\/p>\r\n\r\n\r\n\r\n

Parent Joint Accounts and Gift Tax<\/h2>\r\n\r\n\r\n\r\n

While there is no gift tax in Canada, the CRA now requires that some joint accounts with parents be filed a T3. This is because some are now being declared as a bare trust. While this may not trigger any tax implications for the chequing or savings accounts, they still require it to be declared.\u00a0<\/p>\r\n\r\n\r\n\r\n

Protecting Elderly Parents Bank Accounts<\/h2>\r\n\r\n\r\n\r\n

The biggest risk factor for your elderly parent’s bank accounts is someone taking advantage of them. With so many scams and such out there, this is becoming much more common, but it is preventable with some small steps that can help your parent\u2019s financial well-being.<\/p>\r\n\r\n\r\n\r\n

The most common scam is when people call and pretend to be the bank. They have just enough information to make it seem believable, and it can result in them losing a lot of money. For this reason, it\u2019s important to end the call and then call the bank back at their direct line. If it\u2019s legitimate, then you have another layer of security.\u00a0<\/p>\r\n\r\n\r\n\r\n

That said, scams aren\u2019t the only risk. Someone you know can easily try to access the accounts of your aging parents. Checking bank statements often and vetting any caregivers can also reduce any potential fraud that may occur. If any strange activity is noticed, then it\u2019s best to report it right away since it is against the law.<\/p>\r\n\r\n\r\n\r\n

Reasons to Not Have a Joint Account with your Parents<\/h2>\r\n\r\n\r\n\r\n

While there are many benefits to being joint account holders with your parents, the downside is that the funds in that account are considered your assets as well since you have legal title to them. While this can help with purchasing a home, it can make it difficult to get funding since it seems like you have the funds when you really don\u2019t. This is especially true when it comes to funding for secondary education.\u00a0<\/p>\r\n\r\n\r\n\r\n

Another reason it can be a bad idea is debt. If you owe funds and the creditor is able to deduct those funds from your bank account, both you and your joint tenants will be affected, not just the one who owes. This could mean you end up losing more money than you gain. That said, as a joint owner, you can pay bills on your parent\u2019s behalf as well as manage your parent’s finances.\u00a0<\/p>\r\n\r\n\r\n\r\n

Disadvantages of Joint Bank Accounts<\/h2>\r\n\r\n\r\n\r\n

When it comes to having a joint bank account, there\u2019s always a risk. This is because more than one person has access to the account. Not only can they spend what they choose, but they can also withdraw and deposit funds whenever they want as well. This gives you less control than if you had a bank account to yourself.\u00a0<\/p>\r\n\r\n\r\n\r\n

While these types of accounts are ideal for joint expenses, they can be proven difficult to maintain if one of the account owners has financial difficulties. Due to the fact that it is a joint account, you can also be liable for the other parties’ financial problems, which can make it more financially difficult for you. For this reason, many people have a single account as well as a joint bank account.\u00a0<\/p>\r\n\r\n\r\n\r\n

Sharing a Bank Account with Adult Children<\/h2>\r\n\r\n\r\n\r\n

While there are some cases where sharing a bank account with your adult child can be helpful, it\u2019s important to remember that there are also risks. If the child has to provide assets or gets them reduced for any reason, your joint account is considered to be part of those assets. It can really hurt you financially. However, there are ways you can do so safely.\u00a0<\/p>\r\n\r\n\r\n\r\n

If you want to have a joint account with your child but don\u2019t want them to have access to all of your money, you can create a separate joint account with limited funds. This gives you more control over what they have access to and can reduce any financial implications that may occur. However, if you want your child to have full access to your funds in the account in the event of an emergency, then you can deem them as Power of Attorney. This will give them access without taking away your autonomy on the account.\u00a0<\/p>\r\n\r\n\r\n\r\n

Final Thoughts<\/h2>\r\n\r\n\r\n\r\n

While joint accounts are very common in Canada, it\u2019s important to consider the implications to yourself as well as the joint owner when you create one. That said, it\u2019s also important to remember that a joint bank account doesn\u2019t have to be your only account. You can have a joint account while still having an individual account that holds the majority of your funds. You can even have deposits set to automatically transfer funds to your joint account. You can even require signature authority to access the funds.\u00a0<\/p>\r\n\r\n\r\n\r\n

When it comes to joint accounts, though, they don\u2019t have to just be with a partner. You can also have a joint account with family members or any other person you choose. Before you open the account, though, you want to be sure that you can trust the person. Having a joint account is risky, so you don\u2019t want to open one with just anyone.\u00a0<\/p>\r\n","protected":false},"excerpt":{"rendered":"

While it\u2019s common to have a joint bank account with your partner, it\u2019s also becoming more common to have a joint bank account with your parents since you can have a joint account with two or more people. In some ways, having a joint account can make things a lot easier; however, there are some drawbacks as well.<\/p>\n","protected":false},"author":23,"featured_media":11792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-12386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-save-invest"],"acf":[],"yoast_head":"\nPros and Cons of a Joint Bank Account with a Parent - Spring Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/springfinancial.ca\/blog\/save-invest\/pros-cons-joint-bank-account-with-parent\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pros and Cons of a Joint Bank Account with a Parent - Spring Financial\" \/>\n<meta property=\"og:description\" content=\"While it\u2019s common to have a joint bank account with your partner, it\u2019s also becoming more common to have a joint bank account with your parents since you can have a joint account with two or more people. 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