Non-Registered Account

Use this form to edit the properties of a NON-REGISTERED investment, chequing, or savings account. To change its investments or balance, select Edit investments. The account balance is calculated as the sum of its investments.

A NON-REGISTERED account can be changed to another supported account type. Converting it to a registered account cannot be undone, and you will be asked to confirm the change. Depending on the new account type, you may then be directed to another form to provide additional information.

If you have a spouse, the account can be owned by you, your spouse, or held jointly. Only a NON-REGISTERED account can be jointly owned on this form. If you do not have a spouse, the Owner field is not shown.

Changing the owner may affect automatic saving and withdrawal priorities. The affected account priorities will be reviewed by the TIME MACHINE.

For an individually owned account, you can select your spouse, your dependent(s), or your Estate as beneficiary. Joint accounts are treated according to the survivorship rules described below.

In the MoneyReady App, a Joint account means an account held jointly with a spouse with right of survivorship. The TIME MACHINE treats the account according to this assumption.

You are asked to specify the percentage of the account contributed by you. This is your net deposits divided by the total net deposits made by both spouses.

In the TIME MACHINE, the taxable investment income allocated to each spouse will reflect their deposit history, less their withdrawal history.

Because of the attribution rules or for other planning reasons, you may restrict who can contribute to or withdraw from the Joint account. The TIME MACHINE will enforce the restrictions selected here.

For example, you may want each spouse to have a separate NON-REGISTERED account while still holding both accounts jointly to simplify estate administration.

For the account funded by you, set your contribution percentage to 100% and allow deposits from you only. You will then remain responsible for 100% of its taxable investment income.

For the account funded by your spouse, set your contribution percentage to 0% and allow deposits from your spouse only. Your spouse will then remain responsible for 100% of its taxable investment income.

You can similarly restrict withdrawals to you, your spouse, or allow withdrawals for both spouses.

At the passing of one spouse, the TIME MACHINE assumes that a Joint account passes to the surviving spouse without immediate tax. Its assets are treated as having been sold and repurchased at their adjusted cost base rather than at fair market value.

The usual deemed-disposition treatment will begin to apply to the account at the passing of the surviving spouse.

If the growth rate of the Cash investment has not yet been entered, the field Growth per year (%) of Cash investment may be shown. Once it has been set, you can change it by editing the Cash investment.

A minimum positive balance can be set for the account, and it will be honoured by the TIME MACHINE.