Minor RRSP – Restrictions

Not all financial institutions allow minors to have RRSP. Most of the banks and big fund companies (like CI Funds) will allow minors to open an RRSP. Some institutions might put restrictions on minor accounts such as:

a co-signer is required (fund companies can do this)

can’t invest in mutual funds (banks can do this)

can only invest in GICs or savings accounts(banks can do this)

If you happen to face one of these or any other restrictions, do not get discouraged and shop for the best one. Minor RRSP is a great investment vehicle for kids and can provide lifelong benefits.