A minor cannot legally own an investment but an account can be set up in trust for the child. ITF accounts are set up incorrectly all the time. The person contributing the money should not (actually, must not) be the same as the person managing the investments. Uncle can be the contributor and Auntie can be the trustee. IT money should be transferred to the minor at age 18, otherwise you can run into trouble with the CRA.
These rules differ from RESP money, where the funds do not belong to the child and do not have to be turned over at 18 or any time.
Last edited by MoneyGuy; 09-11-2012 at 01:26 PM.
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