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Bank account with minor

Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 05-22-2022, 02:33 PM
jackandjill2000 jackandjill2000 is offline
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Default Bank account with minor
I would like to open a bank account for my children. Most of the money they would accumulate in this account would be from birthday gifts (a few hundred a year).

If I open this account with my child will my ex wife be able to access it and claim its mine? She's already trying to go after their RESP money despite never contributing. Both kids are under 10.
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Old 05-22-2022, 08:03 PM
rockscan rockscan is offline
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You should be able to set it up that they need your signature to access the money.

As for the RESP, if you have all the documentation you were the only contributor you should get it in your name as the owner of the asset.
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Old 05-22-2022, 09:52 PM
jackandjill2000 jackandjill2000 is offline
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Quote:
Originally Posted by rockscan View Post
You should be able to set it up that they need your signature to access the money.

As for the RESP, if you have all the documentation you were the only contributor you should get it in your name as the owner of the asset.
I wish this were true. I found out the hard way the default "owner" of the account is my ex even though she never (and still hasn't) contributed a single cent. I tried to get it back from her but she won't let me and I refuse to contribute to RRSPs. Fortunately my name is on there too so she can't take out any money without my signature.
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Old 05-22-2022, 10:17 PM
rockscan rockscan is offline
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Must have been ceded to her in the separation. Although, if you haven’t reached an agreement, outline that you want the funds split equally between the kids and then applied to the shared amount after the kids share of costs is determined.

Open your own though. It will apply to your share and you can get the grant funds.
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