Canadian Parents -what are my mini-investor options

[rocketpj]

Can anyone give me a Cole's Notes on investing options for minors in Canada?  I want to set my kids up with a habit of investing a portion of their income and letting it compound.  Right now they have high interest savings, but I'd like to introduce them to indexing etc.

RRSPs are pointless without income, I believe they are too young for TFSAs, are there other options?  Can they even have a trading account?

[FI40]

If I were you, I'd set them up an account with the bank of Dad/Mom. You can do all kinds of things, like give them high enough guaranteed rates of return that they can actually notice, 2x the S&P500 return on the upside only, nice stuff like that. As they get older it can get closer to, and become, the real thing, but for now it's nice to just get them excited about investing.

They can help with the accounting part too, rather than having a bank tell you what your balance is they would have to do the work with you. Very educational.

[lostamonkey]

Can anyone give me a Cole's Notes on investing options for minors in Canada?  I want to set my kids up with a habit of investing a portion of their income and letting it compound.  Right now they have high interest savings, but I'd like to introduce them to indexing etc.

RRSPs are pointless without income, I believe they are too young for TFSAs, are there other options?  Can they even have a trading account?

I agree with the previous poster, you should do the "Bank of Mom and Dad" thing.

I would recommend that you also open RESPs and get the free government grant money each year and the additional tax advantaged investment room.

And no minors cannot generally get a trading account. The funds/stocks would have to be "in trust" for your kids. There are various tax implications of this.

[Goldielocks]

My kids are taking a stab at entrepreneurship... Mowing lawns means buying gas and printing flyers, my daughter just sold artwork now needs to buy more Matt's and frames in the requested coloiur... That sort of thing.

I like the bank of mom and dad idea.. But I had to quash the loan shark lending to the sibling that was going on...