In this article:
Overview
A Kids and Teens Account is a bare trust account you open and manage on behalf of your child. In a bare trust, you're the legal account holder and trustee (meaning you have full authority over the account), while your child is the beneficial owner of the funds in it.
Your child gets a prepaid Visa card and a simplified in-app experience for everyday spending, while you stay in control with spending limits, category restrictions, and real-time notifications.
Kids and Teens Accounts are only available through the Wealthsimple app. They're not available on web at this time.
Eligibility
To open a Kids and Teens Account, you need to:
- Be an existing Wealthsimple client with an open chequing account
- Have completed identity verification
- Be opening the account for a child who hasn't reached the age of majority in their province (18 or 19 years old, depending on the province)
Only one parent or guardian can manage an account at this time.
Account ownership and taxes
As mentioned above, Kids and Teens Accounts are structured as a bare trust. You're the trustee and legal account holder; your child is the beneficial owner of the funds. This means:
- Account statements are issued as "[Your Name] ITF [Child's Name]"
- Tax documents (T5) are issued as "[Your Name] ITF [Child's Name]"
- You have full authority to act on the account on your child's behalf
For more information about account ownership and taxes, see the frequently asked questions below.
How it works
A parent or legal guardian can open and own the Kids and Teens Account. Your child is a beneficiary, not the legal account holder. During setup, you create your child's Wealthsimple identity by entering their name, date of birth, and email, and setting their password.
Once the account is open, your child can log in using the email and password you created for them, either on their own device or yours. They can view their balance, see their transaction history, manage their card, and request money from you.
What your child can do
- Log in on their own device, or access their account through your app if they don't have one
- View their balance and transaction history
- Spend using their prepaid Visa card
- Freeze their card, view card details, and view or change their PIN
- Request money from you
- Manage personal settings like notifications and login
What you can do
- Open and manage your child's account and profile
- View your child's balance, transaction history, and upcoming transfers
- Send one-time transfers or set up a recurring allowance
- Approve or decline money requests from your child
- Manage all parental controls
- Lock or unlock your child's card and manage their PIN
Opening a Kids and Teens Account
You can open a Kids and Teens Account for your child directly from your Wealthsimple app.
- Log in to your Wealthsimple app
- From the Home page, tap Open or move account
- Select Open a new account
- Scroll down and tap Kids and teens chequing
- Tap Open account
- Follow the prompts to open the account
- Review and accept the youth chequing agreements and tap Confirm
Your child's account is now open. If they have their own device, they can log in using the email and password you just created for them.
Viewing your child's account
Your child's Kids and Teens Account appears directly on your home screen under your own accounts, listed as your child's name. You don't need to switch accounts or log out to access it.
- Log in to your Wealthsimple app
- From the Home tab, tap your child's account under Chequing
- View your child's balance, card, and recent activity
- Tap Manage card to lock the card, view or change your child's PIN, view card details, or add the card to Apple Wallet
Setting up a passcode for your child's account
If your child doesn't have their own device, they can access their Kids and Teens Account through your app. You can create a passcode to lock the app to your child's account, so they can't view your Wealthsimple account.
Follow these steps to create a passcode:
- Log in to the Wealthsimple app
- From the Home tab, tap your child's account under Chequing
- Tap the Switch view icon in the top-right corner to switch to your child's view
- Tap the lock icon in the top-right corner
- Create and confirm a 4-digit passcode
- To unlock the screen, tap the lock icon and enter your passcode
Logging in as a child
Your parent sets up your Wealthsimple account for you, including your email and password.
To log in for the first time:
- Log in to your Wealthsimple app
- Enter your email and the password your parent created for you
- Check your email for a 6-digit verification code
- Enter the code in the app
- Tap Go to account on the welcome screen to get started
Once you're in, you'll see your account balance, your prepaid Visa card, and your recent activity. To manage your card, including viewing your card details, setting your PIN, or adding your card to Apple Wallet, tap Manage card on the home screen.
Parental controls
You have full control over how your child's card is used. You can update any of these settings at any time through the Wealthsimple app.
| Control | What it does |
|---|---|
| Card lock |
Lock or unlock your child's card at any time Note: If your child locks their card, only you can unlock it |
| Spend limits | Set limits on how much your child can spend per transaction, daily, weekly, and monthly |
| Restricted purchases | Restrict in-person purchases, online purchases, or ATM withdrawals |
| Category restrictions | Restrict gaming purchases and in-app spending |
| International spending | Allow or restrict purchases from international websites and in-store retailers |
If a transaction is declined because of a parental control, both you and your child will be notified.
You can approve a one-time exception to let your child complete the transaction. Keep in mind that this will temporarily override all spend limits for the duration of the exception.
Funding the account
You can fund your child's account by transferring money from your own Wealthsimple chequing account. External funding such as linked bank accounts or Interac e-Transfer® aren't supported at this time.
You can send a one-time transfer or set up a recurring allowance. Your child can also request money through the app, which you can approve or decline.
Card details
Every Kids and Teens Account comes with a prepaid Visa card. A virtual card is issued instantly when the account is opened. We'll ship a physical card after you open an account.
| Feature | Details |
|---|---|
| Card type | Visa prepaid |
| Virtual card | Issued instantly at account opening |
| Physical card | Will be available soon |
| FX fees | None |
| ATM fee reimbursement | Yes |
| Cashback | None |
Frequently asked questions
Does my child need to go through identity verification?
No. Your child doesn't need to provide ID or complete any verification.
How does my child log in?
You set up your child's login credentials, such as the email and password, during account opening. If your child has their own device, they can use those credentials to log in. They can access their account through the parent's app.
Can I set limits on what my child spends?
Yes. You can set per transactions, daily, weekly, or monthly spend limits. You can also restrict certain transaction types and merchant categories. You can adjust these at any time through the app.
What happens if my child's card is declined?
If a parental control triggers a decline, both you and your child will get a notification. You can approve a one-time exception so your child can retry the transaction.
Can I add a second parent or guardian to the account?
Not at this time. Only one parent or guardian can be linked to a Kids and Teens Account. We plan to add support for a second parent in a future update.
What happens when my child turns 18?
We want the transition to a full Wealthsimple account to be simple. We'll be in touch with more details when the time comes.
Can my child contact Wealthsimple support directly?
Yes. Your child has access to a dedicated in-app chat experience for Kids and Teens Account questions. For account-level or financial matters, you should contact Wealthsimple support through the standard support channels.
Are there any fees?
There are no foreign exchange fees on the prepaid card. ATM fees are reimbursed.
Who pays tax on the interest earned in my child's account?
The parent is the legal trustee and account holder, so interest income earned in a Kids and Teens Account is reported as the parent's income for tax purposes. You only need to file a T5 if you earn $50 or more in interest in the account. We recommend speaking with a tax professional to understand how this applies to your situation.
Is the Kids and Teens Account the same as a Registered Education Savings Plan (RESP)?
No, they're two different products. A Kids and Teens Account is a chequing account with a prepaid Visa card for your child's everyday spending. An RESP is a registered savings account designed for long-term education savings, with access to government grants and tax-sheltered growth.
Can I use the Kids and Teens Account to save for my child's education?
The Kids and Teens Account isn't designed for education savings. It's a spending account with a prepaid card. If you're saving for your child's education, take a look at our RESP. You can hold both accounts at the same time.
Are Kids and Teens Accounts eligible for Wealthsimple promotions, referral programs, or bonuses?
Not at this time. Kids and Teens Accounts aren't eligible for Wealthsimple promotions, referral programs, or bonuses.
What if my child turns 18 in one province and then moves to a province where the age of majority is 19?
We base age eligibility on the province your child lived in when the account was opened. If your child transitioned to a full account at 18 in Ontario, that won't change if they later move to a province where the age of majority is 19.
What happens if I move to Quebec after opening a Kids and Teens Account?
Kids and Teens Accounts aren't available to Quebec residents. If you move to Quebec, we may need to close your child's account. You're responsible for letting us know about any change in your province of residence within 30 days.
What if my child moves to Quebec?
Kids and Teens Accounts aren't available to Quebec residents. If your child moves to Quebec, we may need to close the account. Please let us know within 30 days of any change in their province of residence.
Can Wealthsimple close my child's account?
Yes. We may close a Kids and Teens Account if our terms and conditions are breached, the account is misused, or if keeping it open isn't in your child's best interest. You can also close the account yourself at any time.
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