How do I enter a joint account and allocate its taxable income?
Where to find it: ACCOUNTS and INVESTMENTS
Create or edit a NON-REGISTERED account and select Joint as its owner. In MRA, this means an account held with your spouse with right of survivorship. Registered retirement accounts and TFSAs are not joint accounts.
Complete the joint-account fields: the percentage contributed by you, who may deposit and who may withdraw. The starting percentage represents your share of the net money contributed, rather than a free choice of which spouse should pay tax. During TIME MACHINE calculations, attribution changes with each spouse’s deposit and withdrawal history.
For example, if you funded the whole account and want to keep doing so, enter 100% contributed by you and allow deposits from you only. For an account entirely funded by your spouse, use 0% contributed by you and spouse-only deposits. Both can still be held jointly.
At the first spouse’s death, the projection transfers the joint account to the survivor without an immediate deemed gain. Review its withdrawal permissions and both spouses’ PRIORITIES so the account can fund the cash flows you intend.