Opening an Account for a Minor (In Trust For)
At ModernAdvisor, legal account owners must meet the age of majority in their province or territory of residence. However, you can still invest for a child by opening an "In Trust For" (ITF) account.
Age Requirements by Region
Age of Majority | Provinces and Territories |
18 Years Old | Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, Saskatchewan |
19 Years Old | British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Northwest Territories, Nunavut, Yukon |
How to Set Up an ITF Account
An ITF account is an informal trust. To get started, the parent or guardian must first open a Non-Registered Individual account in their own name.
For New Clients:
Complete the standard onboarding process to open a Non-Registered Individual account.
Once the application is submitted, send us an email to support@modernadvisor.ca or a dashboard note requesting the ITF designation.
Provide the following details for the minor:
Full Legal Name
Date of Birth
Social Insurance Number (SIN)
Gender
For Existing Clients:
Open a new Non-Registered account from your dashboard.
Immediately notify us that this will be an ITF account.
Provide the minor's details (Name, DOB, SIN, and Gender).
Note: ModernAdvisor will coordinate with our custodian to convert the account designation once we receive the minor's information.
Important Account Limitations
Before opening an ITF account, please be aware of the following:
Ownership: The parent/guardian is the legal owner of the account; the minor is the beneficiary.
Recurring Deposits: Because of the trust structure, these accounts cannot be linked to the parent’s ModernAdvisor profile for automated recurring deposits.
Manual Funding: Funding via bill payment is available, but please allow an extra 1–2 business days for processing. Our custodian reviews these payments manually to ensure they are posted correctly.