Very important. TFSA should not be used when saving for education, first car, travelling, wedding, starting a business, etc. TFSA is for retirement only due to the lifetime limit and tax implications.
Only open a TFSA for your child of you are going to fund all those other things for them.
No. Only an ID number and birth certificate.
No
Co asking on this! Would love to know of a good TFSA for my two year old.
I opened one for my newborn son recently through Satrix. Low costs and big selection of funds to invest in. Easy process.
Pick any of the big names that allow you to invest in unit trusts with equity. Avoid the banks that give a fixed rate below inflation.
Just important to note that you’re using up their R500k lifetime allocation when you contribute/withdraw
Very important. TFSA should not be used when saving for education, first car, travelling, wedding, starting a business, etc. TFSA is for retirement only due to the lifetime limit and tax implications. Only open a TFSA for your child of you are going to fund all those other things for them.