Retirement Savings Plans (RSP)
Right for you if:
- You're planning for retirement
- You want a choice of investment options
Invest now repay later.
Top up your retirement savings with a Scotia RSP Catch-UpTM Line of Credit.Learn more
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:
- Investment cash
- 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.
- RIF/RSP Tax Protector Insurance
Ensure that you pass the full amount of your registered assets to your beneficiaries.
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
Scotia RSP Catch-Up Loan Calculator
See the benefits of boosting your RSP balance through a line of credit and calculate your repayment terms.Launch tool
Pay Yourself First™ Tools
See how paying yourself first can help you meet your saving goals.Launch tool
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