Investing for my daughter just in case she doesn't
Hi all, I wonder if others have had this same inclination to open up an extra TFSA account to create a back-up compounding machine for a child in case they don't take the initiative to invest, or at least to give them an early start to investing? The idea: open an account in your own name, don't tell them about it and pay regularly into it instead of leaving it to chance that they will make the decision to invest? At the same time, encourage them to invest so that if they do, they essentially have two funds working for them. They either get it on top of what I leave them in my will or when they've shown me they understand investing. Interested to know if others have done the same thing.
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J E J@kingdolla · 1mo
Investigate how this impacts your tax situation when you make the transfer. As far as I remember, only after you pass the TFSA can transfer tax free. I read of "In-Trust" accounts, where a parent manages the account until the child is of age.
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