Lower your taxes while growing your nest egg for retirement!
A Registered Retirement Savings Plan (RRSP) is a government-regulated investment account with special tax benefits to help you maximize your retirement savings. Deductible contributions to an RRSP help reduce your taxes, and any income you earn on your investments while in the plan grow tax-deferred.
Important information regarding your RRSP Contributions:
- The contribution deadline for the 2016 tax year is Wednesday March 1, 2017.
- The RRSP contribution limit for the 2016 tax year is 18% of your earned income for the previous year, up to a maximum of $25,370.
If you have a pension, we also offer locked-in plans.
Benefits of RSPs:
- Your RSP is an investment account, and can contain a variety of investments (e.g. mutual funds, GICs, cash, etc.)
- Your annual contributions (up to your annual limit) can be deducted from your earned income, reducing the amount of income tax you pay that year
- When you withdraw money at retirement, you may benefit from a lower tax rate
- Funds in an RSP are eligible for Canadian Government programs that can help you buy your first home, or pay for further education
Have more questions about RSPs?
View our RSP FAQ. For fees and other account information,
download our Investment Companion Booklet (791 kb).
Your designated retirement savings can contain a variety of investments, including:
We also offer the following options:
- Pre-Authorized Contributions
Take advantage of automatic deductions and deposits to build your savings easily and conveniently.
- Spousal RSPs
Understand the basics of how spousal RSPs can be an effective tool in planning for retirement.
- Self-directed RSPs
Invest in a wide range of qualified investments and reduce administration and brokerage costs by dealing with one institution.
- Scotia RSP Catch-up Line of Credit
Top up any unused contribution room and maximize your RSPs.