A minor is a person who has not yet reached the age
of majority.
The age of majority is the age at which a
person is considered to be an adult legally, and in Canada it is
normally determined by province of residence.
Our TFSA
vs RRSP Calculator asks for your age at the prior year end, indicating it
must be at least 17, 18 in some provinces. If the age of majority is 18 in your
province, then your age at the prior year end must be 17 in order to have
a TFSA or RRSP. Of course, you cannot actually open the TFSA or RRSP until you
have reached the age of majority in your province or territory. This also
applies to the First Home
Savings Account (FHSA).
Links for each province are to the Age of Majority Act, or to the
Quebec Civil Code.