41. What Accounts Can My Teenager Use to Start Investing?
I have received this question a few times over the past several months - my teenager wants to begin investing, but she is not yet 18. What are her options?
It's true, once you are age of majority in Canada, you have more options. But, if your teenager is not yet 18 and wants to start investing, you can help them using one of these 3 approaches.
1) RESPs
2) In-Trust Accounts
3) RRSP's
I discuss the attributes of each of the accounts, how they are taxed, some of the benefits and drawbacks, and situations where each of them might make sense.
For full show notes and video, please go to my blog at www.walhoutfinancial.ca/podcast
Have a great day!
Mark