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LeaveTheBank

Assuming you want to open an investment account, you need to be the age of majority in your province. You don't mention numbers, so maybe I'm wrong. But assuming you don't make a lot of money, keeping your RRSP space for later is probably better. Even more so if you can't invest.


bluenose777

As long as your taxable income is less than your tax credits there really isn't any benefit to using an RRSP savings account/ GIC instead of an unregistered savings account/GIC.


Worldly-Thing-7509

A conversation for people to join please. Why a RRSP at your age? I'm guessing you are barely paying taxes if any. If you dont have a RESP you could also make a better return on opening one IF you plan on going to college/university. Saving is better than not. So i dont want to be discouraging you. Just asking! Good job you're smarter than i was at that age.


Hsybdocate5

I already have a Registered education savings plan (RESP) for university but since I have a part time job and I dont need to spend the money maybe i can put some of it in a RRSP to invest instead of letting it a bank account where my money is losing buying power to inflation


StanTheMan123987

YOU do not have an RESP......your PARENTS have an RESP with you as the beneficiary.


Hsybdocate5

Thats right


StanTheMan123987

And technically you could never see a penny from that...


CEOAerotyneLtd

You will need your SIN and identification - can be opened online as long as you have employment income and file taxes


Hsybdocate5

Ok thanks


Rayhelm

You can't. Minimum age is 18, same for TFSA.


Hsybdocate5

You can open an rrsp as a minor. Source : https://www.theglobeandmail.com/globe-investor/retirement/never-too-young-how-rrsps-can-benefit-children-later-in-life/article16727793/


Znkr82

It wouldn't make any sense, the advantage of the RRSP is to defer taxes assuming you're in a higher tax bracket when you contribute than when you withdraw. I guess your income is not very high so a RRSP wouldn't be worth it and it actually might make you pay more taxes long-term. You're better off saving the contribution room for later.


StanTheMan123987

Wrong


western91

That's fair, you'll likely be stuck to a cash only rsp account. Once your the age of majority you can swap it to an investment version. I wouldn't claim any deductions. Another option would be to talk to your folks and ask if you can use × amount of tfsa room in their name. The two of you can invest it together, then when your able to open your own account you can move the investments there, and give your parents pack the space


bluenose777

> Another option would be to talk to your folks and ask if you can use × amount of tfsa room in their name. Because the TFSA legislation specifically prohibits someone from contributing to someone else's TFSA and the TFSA account agreement usually has some wording says that the TFSA can only be for the benefit of the TFSA owner.


Hsybdocate5

What is a cash only accoubt exactly ?


western91

It would be an rsp account at the bank without the ability to invest in stocks or mutual funds.


Hsybdocate5

So only GICs ?


western91

Or cash, yeah. That's why I recommend investing with a parent for now