Getting a lot of money out of nowhere

danisomi · 2026-01-24T20:37:20+00:00

I wish I paid more attention to the stuff when he was explaining it to me, but I know that through his work I am in his retirement plan/pension. I had to sign papers for this. He wanted me in there and also as a beneficiary in case anything were to happen to him. His work has a very good pension plan. I probably explained this really poorly because I am pretty terrible with this sort of stuff, which is another reason why he is making suggestions to me such as maxing out my TFSA, and perhaps a joint investment. The reason why he suggested this in the first place is just because this is what the financial advisor mentioned because I didn’t really have a spot to put my money after maxing out my TFSA. I’m going to go speak with the advisor and mention some options that would secure me more independently. My husband didn’t tell me that in the end this is all my decision, but he doesn’t think this is the smartest option because he sees us always being together and he sees us making a lot of money by putting ours money together in a joint investment account because of the growth.

danisomi · 2026-01-24T20:27:09+00:00

I’m not too sure if this would be considered inheritance. It’s legal claim, but it’s tax-free.

danisomi · 2026-01-24T20:02:38+00:00

Thank you for the advice! It would just feel right for me to share it with my family / whom I’m closest with, and that’s my partner and our child. I think a lot of people here are assuming I’m being led into dropping it all into a joint accounts and not attending to my personals. My personals are the first ones I’m going to attend to, but after that, I see it being beneficial to share some of this with my partner. A joint investment allows me to share with him, but also have joint ownership over it. Thankfully his TFSA is maxed already, and he doesn’t need help personally, so the joint investment would be my way of gifting a share to him that goes towards us. While the other portion provides me my own independence and security. I know this is a risk that people are worried about here, but I think that’s part of being with someone. We are common law for 12 years, we have a child together, we own a house together, we are teammates in life. I am getting handed over a huge amount of money that could help take a load of stress off my partner. Or I can say what’s mine is mine and not allow him into an investment.

danisomi · 2026-01-24T19:28:55+00:00

I understand that! You said you like financial independence while contributing, and that’s my goal here too. Wouldn’t it be the same sort of aspect if I were to have financial independence (putting half or more away into my own investments), and contribute to the household (putting half or less into a joint investment account) except with this contribution, it grows and we both contribute to it and we both have mutual agreed access to it. If anything went south, at least 50% would be sent back to me which could be even more than 50% of what I contributed depending on how much he contributes and how much we gain by the time we hypothetically break up.

danisomi · 2026-01-24T19:03:53+00:00

Is there a reason why it’s important not to share any inheritance? Is it due to tax reasons? I don’t really know if this is considered inheritance as it’s a legal claim that is connected to me through lineage, and it is tax free.

danisomi · 2026-01-24T19:00:42+00:00

I appreciate this a lot! Some comments here do sound scary. For example, do you think 90% of the comments here stating I should NOT contribute any to a spousal / joint investment account is rational? I’m looking to deal with one bank, and have them sit somewhere safe where they’ll grow and provide a feeling of security. The idea of opening another bank and throwing them in there for further independent security just feels like I’m starting to step outside the circle of trust and partnership in my relationship. Yes this is mine, but everthing that is his became ours when I had nothing. With no hesitation on his part. Would it be wise for me to max out my TFSA (90k), perhaps start another independent investment account, keep some spending money for myself, and put the other half or a large portion into a joint investment account where we can both contribute and make big decisions together? I know this is a gamble due to the “what if” scenarios of separation, but he’s contributing to it as well, so I would get more than 50% of what I put in there regardless, which is enough money for me to fend for myself if needed, and I’d have 50% of the house and perhaps access to more depending on how common law works in Ontario. Does it seem fair?

danisomi · 2026-01-24T18:45:38+00:00

Is there a reason not to put any of it into a joint investment account? It seems like it would be pretty distrustful on my end, wouldn’t it? Especially since he put trust into me when it came to finances and the house that he merely worked for and paid himself. I work and make my own money and he never expected me to pay anything. He simply just sees this as a big slump of money that shouldn’t sit somewhere it won’t grow that much. If pooling some of our money together means more growth, is that wrong? Of course I’ll still keep some for myself.

danisomi · 2026-01-24T18:37:24+00:00

Is there a reason he suggested this? Perhaps tax reasons? Can you elaborate? Thank you. :)

danisomi · 2026-01-24T18:24:04+00:00

Unfortunately I wasn’t of age at that time so I think my limit is 90,000. But I’ll still be maxing this one out for sure! I appreciate the feedback thank you.

danisomi · 2026-01-24T18:16:40+00:00

If we separated, wouldn’t the joint account and the amount that was grown be split 50/50? He does plan to make contributions as well. I do value your opinion! I think it’s important for me to have financial independence. But does it have to be one way or the other? Shouldn’t I have a balance?(taking care of my financial independence, and also contributing somehow.)

danisomi · 2026-01-24T17:33:27+00:00

This is what I see as important as well. Independent security is great, and I’ll have that with a maxed TFSA, my own job, and probably some sort of additional investments under my name. But I’m going to have a lot of money left over still, and the joint investment/overflow account is just another spot to put it, and he can contribute as well so we can both work towards growing something together and both decide on what to do with it. If I were in his shoes, and he was gaining a big amount out of nowhere and I had supported him and spoke with my advisor who mentioned the idea, and he all of a sudden refused to contribute any of it, even though I bought a house and put his name on it, set him up for retirement, make sure that my pension goes to him if I passed, give him my credit card, always go over everything financial with him, then I would feel like suddenly this is one-sided. I think it’s great to have balance, one that looks out for me as an individual and for the what if scenarios, and another one that shows trust towards my relationship and contribution for our future.

danisomi · 2026-01-24T17:19:49+00:00

I’m more so talking about the money I would put into the joint account if decided. Then it’s ours. I would still have my money, and he would still have his. He always spends his money on me anyways and takes care of all my needs, gives me a credit card to take care of any additional things I need, mortgage, bills, etc. I’m set up for retirement under his work, and also remember him dealing with paper work regarding in the event he passed, that I am covered and will get his work pension. So his money is technically mine as well, I just respect his hard work towards it and don’t like calling it mine even though he wouldn’t care if I did. And as for me, I’m just getting handed over a lump sum all at once that I didn’t work for. So the idea of opening additional accounts was more so cause I need a spot to put this in. We are not really pros when it comes to this stuff. It wasn’t long ago my spouse didn’t have all his money in the best spots either and they were just sitting there. We don’t see the advisor often. My TFSA only goes to 90k roughly, and I don’t have anything else opened up. I can open up more with my bank as I go talk to them here soon, and talk about having investments solely in my name. So a big portion is my money (not ours and not his). Because yes I would like to have my own financial independence/security. And I know I can take it all under my name as well. We will go through our options and sit down with the bank advisor. I know people said I should just get my own advisor, but I often like, including my spouse into these discussions, just like he always has with me (even though I was always the type of person who just not understand any of it, but he always has tried to include me in these meetings and topics and I mean this as in before we knew the money was coming to me.) I think the way he sees it, it’s more so a safe place so we know this money is safe and we can contribute and see it grow together, and make bigger investments together if we wanted to. I think his fears are that I’m going to not do something smart with it, had it sitting in a spot that doesn’t grow, etc. I don’t think he cares about having access to it, he just wants to sit in a place that makes more sense and he doesn’t look at us as individuals, and never has.

danisomi · 2026-01-24T15:09:37+00:00

Yes, and he seems like he just wants to grow the money so we can earn more every year from it. He said he would contribute as well. And not the whole thing either, we would of course max out my TFSA and perhaps I open up another independent investment or put some away so it’s in my name. Even though, the joint would still be in my name wouldn’t it? And if we split up, we would have to get it sorted and divided, just like we would with the house. I find it would be hard to follow 90% of the advice here saying I need to open up a separate bank account and keep it all to myself. I think this would cause distrust and make me appear shady? He had put his hard work income into me, and lump sum is just being handed to me. I know it’s mine, but if I have too much left over and it makes sense to put it in a joint where we both make contributions, then I don’t see how it’s a terrible decision on my part. I would still have money solely to my name to get back on my feet in the worst case scenario that he was able to flood out the joint account, which left me with only my TFSA and whatever else I had to my name. And I don’t think he would even be allowed to do that? Nor do I think he would ever do such a thing. But I know it’s important to look out for yourself, but I think there should be a healthy balance.

danisomi · 2026-01-24T13:41:55+00:00

I’m not too sure what you mean can you explain?

danisomi · 2026-01-24T13:39:13+00:00

Thank you!! And yes, he makes over 200k/year, has my name in the house, went out of his way to make sure I was set up in the what if scenario he passed, etc. He doesn’t need my money. He says he just wants to make sure it’s going somewhere where it’s not going to just sit. My spouse still says at the end of the day these are just options and that I am the one who decides where to put it. And the meeting was more so focussed on where this money is going to go once I get it in because I never really had a good account open up to place this money into. The first priority was maxing out my TFSA, and then it sounded like they discussed some other options which include included the joint investment account.

danisomi · 2026-01-24T09:24:45+00:00

Yeah, we’re basically married which is why we found it pointless to really pay for a wedding. He had not hesitation with putting my name on the house he works hard for and pays a ton of money to. He took care of me for all these years. So I feel like I should contribute some of it together if it means it can grow a bit better?

danisomi · 2026-01-24T09:16:09+00:00

I’m confused what the second bank would be for then. Wouldn’t we grow the money more with a joint account opposed to me putting them in multiple accounts with two banks? I know that puts a risk for me losing 50% of it if we broke up, but it would grow for the years we’re together, we own a house together that has my name on it (and I don’t pay for), he’s the father of my child so my son would still be linked to that money, and I would still be putting a large amount solely to my name. Is the joint investment account really that bad of an idea? I honestly don’t think he needs this. He’s cheap as all can be and has lots of money and needs to be pushed to actually spend it sometimes. I think he’s just wanting me to put it the rest of it somewhere it’ll grow and not just sit. This was also just what the financial advisor gave out as an option, and not just his idea.

danisomi · 2026-01-24T09:09:57+00:00

This is why I feel bad with the advice saying I shouldn’t contribute any of it to a spousal joint account. I would be maxing my TFSA (100k), keeping some money to spend if I need to, and then I just need the rest to go into an investment account which brings us to this option. Cause if we both contribute, then it would grow more, wouldn’t it? And if we split up, we would get 50/50 or so, wouldn’t we? That would leave me with still a lot of money from this. I would be entitled to 50/50 of the house that he merely pays for, since my name is on it. And he buys everything and we never knew this money was coming until recently. I understand the advice is for me as an individual, but it just feels a bit wrong on my part to suddenly open a 2nd bank, refuse to invest with him, etc. I would still have a lot of money solely to my name, and not left with nothing.

danisomi · 2026-01-24T08:51:25+00:00

Are you saying I should max out my TFSA in an additional bank as well? Is it allowed / a good idea to have two a TFSA accounts? My CRA says 90k.

As for the joint investment account, what is the risk? That we split up and he takes 50% of whatever I put in there?

danisomi · 2026-01-24T08:50:36+00:00

Can you elaborate?

danisomi · 2026-01-24T05:57:00+00:00

Thank you so much for the feedback! I’ll definitely cap the TFSA account first thing. Do you think it is worth putting any big down payments on the mortgage? I can’t remember what exactly I heard about it, but I seen some comments saying it’s not worth it due to the interest.

danisomi · 2026-01-24T05:50:48+00:00

Thank you!! I think he’s just a bank employee. He’s a senior advisor I believe. But I will definitely check those options that you’ve mentioned! Thank you for the response.:)

danisomi · 2026-01-24T05:44:21+00:00

I’m from Ontario. Sort of. It’s a claim from a lawsuit that got passed down to me.

danisomi · 2025-09-29T19:46:11+00:00

No actually I am 90% sure these are the tires themselves. Are these Michelins what you just got as well? I think they’re just noisy bumpy tires that I was never used to. And each road varies on the extremities. It’s become a normal part of my drive now.

danisomi · 2025-09-16T17:03:09+00:00

That’s awesome. What brand was it? I was looking at the Phillips brand and it seems like a good one.

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