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Accounts for Children, Minors and In Trust For ('ITF’)
Accounts for Children, Minors and In Trust For ('ITF’)

Accounts for children. How to open ITF accounts.

Updated over a week ago

To open an account with ModernAdvisor, clients need to be at least the age of majority to legally sign the account opening forms. In some provinces (AB, MB, ON, PR, SK, QC) that is 18 , while in others (BC, NB, NL, NS) it is 19. We can open accounts ‘In Trust For’ with the parent as the owner. Please note that this is not a formal trust account.

To get this set up, the parent can open the account as a non-registered individual account in our system. We can convert it to an ITF with the custodian with an email or a note requesting this. In order to do so, we would need the child's full name, DOB, SIN, and gender.

With an ITF account, the person the account is informally ‘in trust for’ is not the owner of the account. The minor's account couldn't be linked to the parent's ModernAdvisor profile for recurring deposits. The minor could try sending bill payments and the custodian would most likely check with us before posting the payment to the account and would likely take a day or two longer than normal for it to show on the account.

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