Frequently Asked Questions
Everything you need to know about getting started with
Snowball, investing for your child, and how the app works.
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The Snowball Account is an informal trust account that allows you to invest on behalf of a minor. As the trustee, you manage the account until your child reaches the age of majority, at which point control of the account is handed over to them.
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Unlike an RESP, Snowball Accounts are not registered accounts. Funds in the Snowball Account are legally owned by the child and are controlled by the trustee parent until the child reaches the age of majority. Snowball Account funds cannot be transferred to another beneficiary or sibling by the trustee, and the funds can be used for anything that benefits that child, not just education expenses. TL;DR the money belongs to the child and can be used for anything they like!
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Your child can view their account as soon as you invite them to the platform, and will gain control of the funds when they reach the age of majority in their province. We will provide guidance as this milestone approaches.