We both maxed out RRSP, TFSA. Each has 3.3% HISA at Laurentian Bank. We don't want deposit over $100 K, CDIC's coverage. No other CDIC institution pays 3.3%. We open a joint HISA — 2 below — and only I deposit into it, my spouse deposits nothing.
Who pays tax? How much?
Will CRA apprehend this isn't truly a "joint" account, because only I deposited? CRA punish us?
I'm going to disagree with what other people have said. I'm looking at a CDIC handout that CIBC provided me with my GIC purchase. You are insured for:
- $100K in your name only (Non-Registered)
- $100K in a joint account (Non-Registered); and that is the joint total, NOT per person
- $100K for funds held in Trust
- $100K in a TFSA
- $100K in a RRSP
- $100K in a RRIF
- $100K for Property Taxes (if the Bank pays your Property Taxes on your Mortgage)