How do I open an investment account?

Each type of investment account has its own application requirements, though you generally need to be the age of majority in your province or territory (either 18 or 19). Some investment accounts have a minimum opening balance requirement, and you’ll need to provide your name, date of birth, address, contact details, Social Insurance Number (SIN) and proof of ID when applying.

Can I open a joint investment account?

Yes, in many cases it is possible to open a joint investment account. Banks and credit unions offer joint savings accounts and GICs, while many online trading platforms support joint accounts. Check with your financial institution to find out whether joint accounts are available.

Can I have more than one investment account?

Yes, and it’s often a good idea to do so. By holding a diverse range of investments, you can help manage risk across your portfolio. Savings accounts, GICs and safe-haven investments like gold can provide stability during times of market volatility, while stocks, ETFs and other assets provide the potential for more capital growth.

Do I have to pay tax on the money I make from investment accounts?

Yes, you will typically be taxed on your investment income at your marginal tax rate. However, different rules may apply if you hold your investments in a registered account like an RRSP or TFSA, which allows you to take advantage of tax benefits. To get a better understanding of your tax obligations, check out our guide to how stocks are taxed in Canada .