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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 12-16-2016, 02:21 AM
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Default Acrimony and joint bank account

Is it wise to have a joint bank account with my ex for the purposes of contributing to a rdsp for our child? Ex started a disability savings plan and has been contributing. I want to contribute as well but apparently only one person can make contributions. Ex is suggesting that I pay it directly to her each month and she would contribute on my behalf. The second option is that we have a joint bank account which we would both use to contribute to the fund. I am extremely apprehensive about hanging an account with both our names on it because we have an extremely volitile relationship, I do not trust her at all and I'm concerned that it could impact my credit possibly if for instance she has to file bankruptcy or other financial issues. Am I being ridiculous? What would you do? Can anyone think of any reasons why it might not be wise to?
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Old 12-16-2016, 10:03 AM
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Quote:
Originally Posted by RunningMan View Post
Is it wise to have a joint bank account with my ex for the purposes of contributing to a rdsp for our child? Ex started a disability savings plan and has been contributing. I want to contribute as well but apparently only one person can make contributions. Ex is suggesting that I pay it directly to her each month and she would contribute on my behalf. The second option is that we have a joint bank account which we would both use to contribute to the fund. I am extremely apprehensive about hanging an account with both our names on it because we have an extremely volitile relationship, I do not trust her at all and I'm concerned that it could impact my credit possibly if for instance she has to file bankruptcy or other financial issues. Am I being ridiculous? What would you do? Can anyone think of any reasons why it might not be wise to?
Where did you get the information about only one person being able to contribute? I know for RESPs, you can have any number of them, in different parent names, but the government grants go into the one that receives the first contribution of the year.

If it was your ex who told you there could be only one contributor, I'd do some research into the RDSP program yourself and see if that's truly how it works.

If there really are such limitations, then I'd ask a financial advisor if there's any sort of trust fund you could structure to work similarly and put your money into that instead, where your ex cannot access it. I would certainly not have any joint financial venture with an ex, nor give her money and trust her to use it the way you intend. Nothing ridiculous about it.
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Old 12-16-2016, 11:45 AM
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Most funds can have multiple contributors. Even if it is only one RDSP set up, you can have multiple contributors to that fund. All you have to do is fill out the proper paperwork with the advisor it is with. You can both contribute out of your own bank accounts each month. Do you know who holds the fund?
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Old 12-17-2016, 09:17 AM
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Review the CRA website for rdsps, you can definitely have more then one contributor.
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