TFSA for minor

[AntennaMan]

Good day

My son is now 7 months old and I want to open a TFSA for him.

When I asked my broker about it, he said I was the first parent to ask him and he will have to find out how it works.
He came back and said that I will have to go to SARS and get my son registered so that I can get a tax number for him.

Is this correct?

Also, he gave a quote for AIMS (ABSA linked investment) TFSA, but with a TER of around 2.2%, it seems quite expensive and I can't find performance information.

Which TFSA do you use and how is it performing?

 

[gjm]

There is no need for a tax number. I have a TFSA for my 2 year old son with Easy Equities.
The performance will depend on the specific ETFs you invest in.
https://support.easyequities.co.za/...-account-for-a-child-spouse-or-family-member-

 

[Sebulba]

There is no need for a tax number. I have a TFSA for my 2 year old son with Easy Equities.
The performance will depend on the specific ETFs you invest in.
https://support.easyequities.co.za/...-account-for-a-child-spouse-or-family-member-

Did you just leave the Tax Registration number section on the EE form blank? I also thought that i had to go stand in line at SARS, which lets admit will be a massive pain now.

 

[gjm]

Did you just leave the Tax Registration number section on the EE form blank? I also thought that i had to go stand in line at SARS, which lets admit will be a massive pain now.

Yes, you can just leave it blank.

 

[backstreetboy]

Liberty Stash. Only a phone number required.

 

[AntennaMan]

There is no need for a tax number. I have a TFSA for my 2 year old son with Easy Equities.
The performance will depend on the specific ETFs you invest in.
https://support.easyequities.co.za/...-account-for-a-child-spouse-or-family-member-

Is there a specific bundle/basket/etc that you chose? I can't seem to find info on it. I don't know if it is their website or my idiocy...

Also, how is it performing and what are the costs?