This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 240.— (1) What is the Ontario law relating to money deposited by minors?
(2) Which would you advise—the opening of a savings bank account in the name of a minor, or in the name of a parent or guardian in trust for the minor?
Answer.—(1) There is no general law in Ontario respecting money deposited by minors, but under the terms of section 84 of the Bank Act, banks may receive deposits from minors, and repay them to the minors at any time. (See the section referred to, and note the limitation where a minor could not, except for the section, make deposits).
(2) Notwithstanding the authority given by the Act, we would think it prudent to take a deposit in the name of a parent or guardian in trust for a minor, rather than directly in the name of the minor. This, however, would apply only in cases where the minor is quite young.