Children's Bank Accounts-Canada
- From time to time, newcomers to Canada ask about bank accounts for their children.
- Be aware that, if your child is going to earn interest income, he/she will need a Social Insurance Number.
- Children's Bank Accounts is a web page that compares the different kinds of accounts that the main street banks offer for children.
- You also may be interested in setting up a tax sheltered Registered Education Savings Plan (RESP) to pay for your child's post-secondary education.
- However, most people agree that it's better to use your own Registered Retirement Savings Plan (RRSP) as a savings vehicle first.
- If you have paid as much as you can into your RRSP, and still have money left over, you might want to consider an RESP.