What To Do When Your Child Turns 18

Your kid turning 18 is not just a birthday. It is a pretty big financial switch as well.

CRA treats them like an adult. Banks treat them like an adult. Money tools open up fast. Some are great. Some can bite if you guess. TFSA and FHSA are the big ones. So is filing that first tax return, even if income is low. This is also the age where scams start showing up, because the kid is new to CRA accounts and payments.

This week’s post is a simple financial playbook for Canadian parents.

Let’s dive in!

In this in-depth blog post we cover:

• What to do in the first 90 days after they turn 18

• TFSA room and overcontribution traps

• FHSA rules and limits

• What parents can gift without triggering the income attribution issues

• The business owner angle

• …and more!

So let’s dive in and click on the link above to read the full blog post on our website.

Thank You For Reading. See You Next Time!

Think Team🙏