Minors Can Have RRSP

There is no minimum age requirement to open an RRSP account. Children with earned income can open an RRSP account. The followings are required in order to do so:

• A SIN (Social Insurance Number) is required for minors.
• Income has to be legitimate
• Income has to be recorded with proper receipts or documents
• T1 tax return has to be filed

Opening an RRSP at an early age has lifelong benefits. I will discuss some advantages of an early age RRSP next time.