With Christmas fast approaching, the idea of investing for your kids or grandchildren may be something you have been considering. While it is unlikely to produce the same “under-the tree” reaction as unwrapping Hatchimals HatchiBabies or the LOL Big Surprise, when they are a young adult, they should have something material to show for your gift. If the gift is shares or an insurance bond, they may also develop an ongoing interest in investment.
In this, the first of two feature articles, I’m looking at taxation issues, road test the bank accounts that are designed for kids and how to buy shares for minors. Next week, I’ll focus on some of the special investment products – insurance bonds and education funds.
Let’s talk tax