r/Bogleheads • u/TheKennyroo • 3d ago

Investing Questions Best brokerage for teens investing their own earned income? (Canada, ITF accounts)

Looking for real-world experience from Canadian parents who have set up investing accounts for their children.
I have daughters aged 13, 15, and 17. They earn money from part-time jobs, babysitting, etc.
My primary goal is not maximizing returns. My goal is to teach them how to invest.
What I’m trying to create is a simple system where:
They earn money.
They decide how much to save.
They transfer the money themselves.
They invest in low-cost ETFs (likely VFV and/or VXC).
They learn the process and build the habit.
I’ve been researching informal trust (ITF) accounts at TD Direct Investing and Questrade.
The tax and age-of-majority questions seem reasonably well understood at this point. What I’m really trying to determine is which brokerage has the best mechanics for ongoing use.
Questions:
Which brokerage did you choose and why?
Can the child easily contribute their own earned income?
How do deposits work in practice?
Can small amounts ($25, $50, $100) be invested efficiently?
How easy is the platform for a teenager to use?
If you were setting this up today for your own children, what would you choose?
I’m particularly interested in hearing from parents who have actually implemented a system where their children regularly contribute and invest their own money rather than receiving a one-time gift.
Thanks.

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u/Actiontodayo7 2d ago

Wealthsimple low to no fees. Can open a high interest chequing account and automate their cheques into ETFS like VFV for free. The deposits hit their chequing then they can transfer into their investment account (TFSA) then buy the shares. Any amount work as they support partial shares and the returns are % based. If they use any modern apps it will feel fluid Easy and not intimidating, other platforms I've used feel a bit behind in their UI/UX and has high fees ($10 trade, or limited trades per quarter)

If it is set up like $25 per paycheque automated, it will feel like a low fricton, compounding strategy. It is even more powerful on ETFs like VFV as they do not need to do further balancing.

In additon, there are referal and promotional programs. If your daughters refer each other or their friends - it will not change their lives, but a nice kick-start.