Planning for a child's future

An Informal Trust Account for a Minor is an account used to hold investments for a minor child until that child reaches the age of majority.  This type of account is an alternative to a formal trust account.

Although in trust for minor accounts are not designed specifically for education savings, they offer advantages including multiple investment options, limited tax benefits and the ability for a parent to transfer assets to a child without needing to establish a more costly trust. However, contributions to the accounts are irrevocable and parents lose control of the funds when the child becomes 18 - 21 – an age that varies by province and territory. We help you navigate these considerations, providing solutions tailored to your funding needs.

A RESP is a tax-free way for parents and family members to save for a child’s or grandchild’s education after high school.

When you invest in potential, you’ll do more than help make the dream of education possible for a student in your life. You could provide the inspiration for a legacy of higher learning that’s passed on for generations to come. What’s more, the funds you contribute have the ability to attract up to $7,200 of federal grants, grow tax-deferred, and eventually be withdrawn, tax-free.*

Working together, we choose the investment strategy that is right for you and your student, keeping in mind that generous contribution limits do exist, regardless of income level.

*Students who receive money from an RESP must claim their Educational Assistance Payment as income. Since students typically have limited income while in school, however, they may not be required to pay any income tax on this amount. This depends on individual circumstances. Your RESP provider will issue the student a T4A slip for income tax purposes.