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What to know when opening a joint account
A joint account may be useful and easier for newly married couples to manage bills, or to obtain a better overview of household spending. However, since money is often a major source of disagreement for couples, it is also important to have a frank discussion ahead of time, so you can agree on how a joint account is to be used. Opening one will allow you to save on bank charges, but as a joint account holder, you are also responsible for transactions and debts of the account. You also have the right to receive copies of all the account statements.
To find out more about your responsibilities as a joint borrower, and to get resources on budgeting, you can visit the Financial Consumer Agency of Canada (FCAC) website at fcac.gc.ca. If you would like additional information about managing your personal finances, you can also follow @FCACan on Twitter and on YouTube.
Source: Financial Consumer Agency of Canada (FCAC)
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