Tax-free savings account

Can I open up a Tax-Free Savings Account for my child?

Yes, parents and legal guardians can set up a Tax-Free Savings Account in their child’s name. 

To do so the minor must have his or her own ID number and zeros can be entered in place of a tax number for a minor. If the parent or guardian uses the parent’s tax number, then all contributions will be linked to the parent’s tax number and count towards the parent’s Tax-Free Savings Account contribution limit.

Important to note. There is no limit to the number of Tax-Free Savings Accounts you can have, but you must ensure the sum of your annual contributions across all TFSAs doesn’t exceed the annual contribution limit, or you will have to pay the penalty tax.

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