RetireJapan

one more question-oldest son is 20 in april..
i want to put a very small amount of money in a nisa for him ,just to get him interested in the idea of steady saving and accumulation.. as i understand he has to have a jnisa as is not 20 on jan 1st..
as i only have a small amount of money to put in wanted to do the tsumitate (also as will be tax free for 20yrs)

i dont think i can do that with the j-nisa..
does that mean i have to wait a yr and until he qualifies for the adult nisa?

Seems like the NISA accounts will be available to anyone over 18 from Jan 1 2023, until then people need to be 20 to open one.

If either parent has a Rakuten account, you can open a securities account for a minor. You could then use a regular tsumitate each month, completely separate from NISA/Junior NISA.
I imagine Monex has a similar service.
Then, when he is eligible, start a tsumitate-NISA for him.

thanks-but wouldnt that be a normal taxed acct though?

bryanc wrote: ↑Tue Nov 16, 2021 11:54 pm thanks-but wouldnt that be a normal taxed acct though?

Yeah. One option would be to open the JNISA for them then sell those off in 2 years when they turn 20 and give them the TNISA. It achieves pretty much the same thing you're looking for (with the added bonus of having 2 extra years in JNISA)

thanks-also
one of my sons will study in uk-does than mean his jnisa would have to be wound up at that time?or could i just let in keep going but not start a new one..
also,if you put nisa in kids names is is easy enough to get the money back in your name without any tax implications?*assuming they agree of course

bryanc wrote: ↑Wed Nov 17, 2021 6:44 am thanks-also
one of my sons will study in uk-does than mean his jnisa would have to be wound up at that time?or could i just let in keep going but not start a new one..
also,if you put nisa in kids names is is easy enough to get the money back in your name without any tax implications?*assuming they agree of course

J-NISA. Well. Logically speaking, whilst the child is under the age to be an adult (in NISA eyes)I assume they’ll continue to exist on the family jyuuminhyou (Typing that just felt wrong. I hope there’s a mistake. 住民票. Nope I might be right!). Anyway. Whilst they are a kid, you govern the account for them. So long as you continue to reside here. Resisting the urge to join them for discount pints at the student Union. You’re good!
You’ll still have them on the books for the dependent tax allowance. Right?

https://www.zeiri4.com/c_5/c_1061/h_200/


Bit confused by the “get the money back in your name comment.” In my case, assuming he goes to Uni, and I want to use that money for that, rather than a starter investment account for him, It will be cashed back to his bank account and we’ll pay some of the Uni fees from there.

bryanc wrote: ↑Tue Nov 16, 2021 11:54 pm thanks-but wouldnt that be a normal taxed acct though?

Yes. You stated that the purpose was partly to teach your son about the value of regular investing, so tsumitate. Since you can't do that automatically with a J-NISA, a taxable tsumitate is another option.
As the others have said, utilizing the J-NISA while you can probably makes more sense. Just use it as a virtual tsumitate, adding a small sum each month to it for the next 1 or 2 years.

great-thanks all!

thanks again all-now have the monex j nisa application forms for 3 sons and filling them in!
one question-for the guardian acct number they require-this is the monex number you have to put in isnt it?