Registered Retirement Savings Plans (RRSPs)
Although they are subject to Government regulations, RRSPs provide a way to save for your retirement and shelter those savings from income tax until the funds are withdrawn from the plan.

For each year in which you contribute to an RRSP you can enjoy two main tax benefits:

• Reduced taxable income, thereby reduced taxes payable.
  
  
• Faster growth compared to non-registered savings because the compounded returns are also tax-sheltered.

The Scotiabank Group of Companies offer three types of RRSP investment options:

• Deposit (daily interest savings and GICs)
• Mutual Funds
• Self-Directed

Scotiabank deposit and mutual fund investments may be held within an RRSP that provides a quarterly statement for effective and easy management.

Self-directed RRSPs allow you to choose from the widest possible range of investment opportunities for your retirement savings. Qualified investments include mutual funds, stocks, bonds, GICs, money market instruments and foreign securities.

To diversify your investments in an economical way with a self-directed RRSP, it's wise to have at least $15,000 in your plan.

You can open a self-directed RRSP through ScotiaMcLeod, our full-service brokerage firm, or through our ScotiaMcLeod Direct Investing.

Retirement Income Plans
When you reach the stage where you need to draw on your RRSP for income, a Retirement Income Plan gives you access to a portion of your money while continuing to tax shelter the remaining investments. You have a choice of converting your RRSP at any time to a Registered Retirement Income Fund (RRIF), or a fixed-term or life annuity. All of the money in your RRSP must be transferred and closed by the end of the year you turn 69.

With RRIFs, you can tailor the amount and frequency of your withdrawals to your needs, keeping in mind the annual minimum amount required by legislation. To keep up with your changing needs, you have the flexibility to change your regularly scheduled payments at any time.

Scotiabank offers both RRIFs and fixed-term annuities. For further information, ask your Scotiabank Representative to put you into contact with a Scotia Retirement Income specialist.

Locked-In Retirement Plans
If you were a member of a pension plan with your employer and your plan was wound up, or you decided to leave your employment, you may be able to transfer the money in the pension plan to a Locked-In Retirement Plan Account (LIRA), Locked-In RRSP (LRSP), Life Income Fund (LIF), or Locked-In Retirement Income Fund (LRIF).

Locked-In Retirement Plans are similar to RRSPs with several additional restrictions. Depending on whether you require income or not, you can choose a plan to suit your needs.

The type of plan you can open depends on your age, and whether your employer's pension plan is federally or provincially regulated. A Scotiabank Representative will be happy to give you more details.