Joint accounts

A joint account offers the same features and benefits as a personal chequing or savings account in one name only, but allows two or more people to make withdrawals, deposits, payments and other transactions from the same account.

Managing a joint account

It is a good idea to ask the financial institution what happens if one of the joint account holders dies and to make sure that the survivor will be able to access the funds without delay. If not, you may want to consider depositing your income into an individual account before transferring it to a joint account. 

Check with your financial institution to learn about their policies on joint accounts and how your joint account is managed.

Your responsibilities as a joint account holder

As a joint account holder, you share not only access to the account but you are also responsible for any transactions made by the other account holder. For example, if you have overdraft protection attached to this account, all account holders may be held responsible for repaying the debt.
Before you open a joint account, talk about it with the co-owner and make sure you both agree on how the account will be used.

Receiving information on joint accounts

Under a voluntary commitment, Canada’s banks have agreed to make information available to clients opening new personal bank accounts or converting an account that is held in one name to an account that is held jointly by more than one person. For more information, visit FCAC’s page on Joint Bank Accounts: Your rights and responsibilities​