Best Investment Accounts for Teens
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Questrade In-Trust For (ITF)
Questrade In-Trust For (ITF) Account stands out as one of the best long-term investment accounts for kids in Canada for its flexible investment options, low fees, and the ability for parents or guardians to build wealth in a child’s name. It’s ideal for families who want to invest early and take advantage of compound growth in a customizable, tax-efficient way.
Rating: ★★★★★ (4.9/5)
Monthly Fee: $0
Interest Rate:
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Low trading commissions: Stocks from $4.95–$9.95; ETFs free to buy
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Flexible investment choices: Access stocks, ETFs, mutual funds, GICs, and more
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Custodial structure: Assets held in trust until child reaches age of majority
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Tax benefits: Earnings are taxed in the child’s hands—often at a lower rate
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Long-term focus: Ideal for building a financial foundation early in life
Best For: All Investors
Best TFSA Investing Accounts for Canadians
Best for: Self-directed RESP investing
Questrade Family RESP
4.8/5
Min. Deposit
$250
Monthly Fee
0 (parent opens)
Age Requirement
Trade Fee
$0 ETF buys / $4.95 stocks
0 (parent opens)
Investment Features:
Registered support: Eligible for government CESG grants (20% match up to $500/year)
Self-directed options: Invest in stocks, ETFs, GICs, and mutual funds
No hidden fees: Free ETF buys; stocks start at $4.95 per trade
Flexible contributions: Manage and change investment strategy anytime
Family plan available: Support multiple children under one RESP
Best For: Parents who want full control over their child’s education savings with low fees and flexible investments
Best for: Interest-earning account
Wealthsimple Cash (Teen)
5.0/5
Min. Deposit
$0
Monthly Fee
0 (parent opens)
Age Requirement
Trade Fee
$0
0 (parent opens)
Investment Features:
High interest on cash: Earn up to 4.00% APY with premium plan or direct deposit
No monthly fees: Completely free to use, even for teens
Modern tools: Send/receive money, pay bills, and earn interest from one app
Parent-friendly: Can be jointly managed for younger users
No investment risk: Great first step toward financial literacy
Best For: Teens and young adults learning to manage money while earning interest—without needing to invest in stocks just yet
Best for: Long-term wealth
Questrade In-Trust For (ITF)
4.8/5
Min. Deposit
$250
Monthly Fee
0 (custodial)
Age Requirement
Trade Fee
$4.95 – $9.95
0 (custodial)
Investment Features:
Custodial account: Invest on behalf of a minor until they reach the age of majority
Tax efficiency: Gains typically taxed under the child’s lower income bracket
Diverse assets: Trade stocks, ETFs, mutual funds, and more
Flexible withdrawals: Funds can be used for any purpose, not just education
Parental control: You maintain full management of the account until transfer
Best For: Families who want to invest early and grow wealth in a child’s name with maximum flexibility and tax efficiency