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Discover the best ways to invest for children in Canada using RESP and In-trust accounts.
Can You Buy Stocks for Minors in Canada?
Yes, in Canada, you can buy stocks under a minor's name, but they can't hold the investments directly. Parents or guardians must open an account on behalf of the minor. The most common options are RESP (Registered Education Savings Plan) and In-trust accounts.
1. Using RESP for Minor's Investments
The RESP is a popular choice in Canada for investing in a minor's name. It allows parents or guardians to buy stocks, ETFs, and mutual funds to save for the child’s education. The Canadian government also offers grants such as the Canada Education Savings Grant (CESG), which boosts the investment.
- Tax-advantaged growth on investments
- Government grants to increase savings
- Withdrawals are taxed in the child's name, typically at a lower rate
2. In-Trust Accounts for Buying Stocks
Another way to buy stocks for a minor in Canada is by setting up an In-trust account. This type of account is opened by an adult who holds the investment in trust for the minor. These accounts offer more flexibility than RESP but come with different tax implications.
- Capital gains are taxed in the minor's name
- Interest and dividends are attributed to the contributor (usually a parent)
- Funds can be used for any purpose, not just education
Tax Considerations When Buying Stocks for Minors
When buying stocks under a minor's name in Canada, it is essential to understand the tax rules. With RESP, investment growth is tax-deferred until withdrawal. In-trust accounts have more complex rules where capital gains are taxed in the minor's name, but interest and dividends are taxed to the contributor.
How to Open an Investment Account for a Minor in Canada
To buy stocks for a minor, choose a reputable brokerage that offers RESP or In-trust accounts. Popular options in Canada include:
- Questrade
- Wealthsimple
- RBC Direct Investing
Ensure to provide the required documents, including the child's birth certificate and the contributor's identification.
Conclusion: Investing in a Child's Future
Buying stocks under a minor's name in Canada is an excellent way to secure their financial future. Whether through RESP or In-trust accounts, parents and guardians can strategically grow their child’s wealth. Consider consulting with a financial advisor to choose the best option.