Document background
The Joint Account Agreement serves as the foundational document for establishing and managing shared bank accounts in Canada. It is typically used when two or more individuals or entities wish to maintain a common account, whether for personal, business, or estate planning purposes. The agreement outlines critical aspects such as signing authorities, liability allocation, survivorship rights, and operational procedures. This document ensures compliance with Canadian banking regulations, including the Bank Act and provincial legislation, while providing clear guidelines for both the financial institution and account holders. The Joint Account Agreement is particularly important as it helps prevent future disputes by clearly documenting the arrangement and rights of all parties involved, including procedures for account changes, communications, and eventual account closure or transfer upon death of an account holder.
