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Rank: Senior Student
Groups: Member
Joined: 3/4/2008
Posts: 253
Location: Toronto
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Is it possible to open up an investment account for someone younger than 18?
I want to put some of my money away, so that OSAP doesn't come after me, and was thinking of putting it into an account for my little brother.
I know that I can buy a Canada Savings Bond for him, but what about mutual funds, regular bonds.. anything like that? Any interest/dividends/cap gains would be in his name.
Ryerson 2012
Politics & Governance
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Rank: Valedictorian
Groups: Member
Joined: 3/6/2008
Posts: 546
Location: Kitchener, ON.
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It'd be in his name as the beneficiary, but you're still responsible for the account.
Carleton University Class of 2012, Honours Bachelor of Arts
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Rank: Senior Student
Groups: Member
Joined: 4/1/2008
Posts: 79
Location: vancouver
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mike_ wrote:Is it possible to open up an investment account for someone younger than 18?
I want to put some of my money away, so that OSAP doesn't come after me, and was thinking of putting it into an account for my little brother.
I know that I can buy a Canada Savings Bond for him, but what about mutual funds, regular bonds.. anything like that? Any interest/dividends/cap gains would be in his name. way to cheat your way to money!  and yes ofcourse you can open up an account for anyone.
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Rank: Senior Student
Groups: Member
Joined: 3/4/2008
Posts: 253
Location: Toronto
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D.Dickin wrote:It'd be in his name as the beneficiary, but you're still responsible for the account. So I wouldn't be able to completely isolate myself from it, and make it completely individual?
Ryerson 2012 Politics & Governance
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Rank: Frosh
Groups: Member
Joined: 3/25/2008
Posts: 28
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I think you can out it in GICs with him being the sole name. I'm pretty sure I had GICs before 18
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Rank: Student Council
Groups: Member
Joined: 3/28/2008
Posts: 391
Location: Scarborough,Ontario
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Withdraw all the money and hide it in a pillow.
Easiest way to claim being poor.
UTSG Life Science 12'
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Rank: Senior Student
Groups: Member
Joined: 3/4/2008
Posts: 253
Location: Toronto
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i'll check out the gic option!
thanks!!
lol.. it's not that i want to claim to be poor (i'll report all my income when i fill out my application), but it's that i saved money that i want to have as sort of an "emergency" fund and i don't want to have to touch it. if i keep it under my name, OSAP will limit my funding and i'll be forced to use it.
Ryerson 2012
Politics & Governance
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