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There is not a minimum age requirement to open an RRSP (a letter of consent may be required from a legal guardian who will have signing authority until the minor turns of legal age) however, earned income must be present to be able to generate contribution room. If earned income falls below the basic personal amount ($11,809 for 2018) filing a tax return may still be beneficial to start the accumulation of RRSP contribution room.

To learn about RRSPs and retirement planning visit GetSmarterAboutMoney.ca. Speak with a registered financial representative or tax professional for advice to fit your personal financial goals and situation.