Retirement Savings Plans (RSP)
Right for you if:
- You're planning for retirement
- You want a choice of investment options
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.
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
Your designated retirement savings can contain a variety of investments, including:
- Cash (Investment Account*)
- Savings Accelerator Account
- Treasury bills
- Guaranteed Investment Certificates (GICs)
- Mutual funds
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.
Scotiabank Money Finder Calculator
Start by understanding where you are today. With this calculator, see if you have additional funds available to put towards your retirement goals.Launch tool
Scotia Retirement Savings Reality Check
Find out how well your current savings and future contributions will provide for your retirement, and learn how to address potential shortfalls.Launch tool
Pay Yourself First™ Tools
See how paying yourself first can help you meet your saving goals.Launch tool
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Convenient Ways to
Open Your RSP Today!
- † This is the maximum cumulative rate over the entire term of the Canadian Guaranteed Return Equity Powered GIC. It is calculated based on the performance of the underlying basket of shares, subject to a maximum, plus the minimum rate guarantee. Actual rate could be as low as 0.15% over the 2- year term and 0.20% over the 3-year term. Minimum investment is $1,000. Interest is not guaranteed and is calculated and paid for all Scotiabank Equity Powered GICs within certain predetermined ranges based on the price performance of an underlying basket of shares of Canadian companies. Rates are as at April 7, 2015 and are subject for change. For full details, speak to a Scotiabank advisor or visit www.scotiabank.com/equitypowered. Scotiabank Equity Powered GICs are CDIC eligible.
- * No monthly fee and premium interest rate compared with rates for regular Investment Cash portion of other plans.