In this article:
Overview
You can fund your child's kids and teens account with a one-time transfer or a recurring allowance, and transfer money out when you need to. This article covers how to add money, set up or cancel a recurring allowance, and move funds out of the account, all from the Wealthsimple app.
Sending a one-time transfer
Follow these steps to send a one-time transfer:
- Log in to the Wealthsimple app
- Tap your child's Kids and teens account
- Tap Add money
- Choose your own Wealthsimple chequing account as the funding source
- Enter the amount and confirm the transfer
You can only fund a kids and teens account using an internal transfer from your own Wealthsimple chequing account.
Setting up a recurring allowance
Follow these steps to set up a recurring allowance:
- Log in to the Wealthsimple app
- Tap your child's Kids and teens account
- Tap Allowance
- Set the amount and schedule: Weekly, Bi-weekly, or Monthly
- Select the chequing account you want the recurring transfer to come from
- Tap the arrow icon, then submit
One-time transfers and a recurring allowance are two separate flows in the app. If you're on the Add money screen, the frequency selector there is locked to "Doesn't repeat." To set up anything recurring, use the separate Allowance flow above instead.
Cancelling a recurring allowance
- Open your child's Kids and teens account
- Tap Scheduled
- Tap the allowance you want to cancel
- Tap Cancel Allowance and confirm
Transfer money out of a kids and teens account
- Log in to the Wealthsimple app
- Tap your child's Kids and teens account
- Tap Transfer money
- Select the chequing account you'd like to transfer to and tap Next
- Enter the amount and tap Confirm
Frequently asked questions
How do I add money to my child's account?
You can send a one-time transfer or set up a recurring allowance from the app.
How do I handle a money request from my child?
Yes, your child can send a money request through the app, which you can approve or decline.
Can I move money out of my child's account?
The money belongs to your child. You hold it in trust, so you can move it out to pay for something for your child, to cover a cost you've already paid for them, or to move it to another account held in trust for them. Using it for yourself, or for anyone other than your child, breaches the duties you owe them as trustee. They may have a claim against you, including after the account becomes theirs at the age of majority. It can also change how the account is taxed. We don't review transfers or check what the money is used for. Keep your own records, and speak to your own advisor if you're unsure.
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