Pre-Authorized Contributions

Say good-bye to the 'RSP Deadline Scramble.'

Say Hello to automatic investing.

  • You want to build your savings automatically
  • You want to enjoy the potential benefits of dollar cost averaging
  • Automatic deductions and deposits
  • Ability to contribute weekly, bi-weekly, monthly, quarterly, semi-annually, or annually
  • Choice of contribution amounts and investment options
  • Build savings easily and conveniently


Compound savings

Avoid the last-minute scramble

Pay less tax now

Scotiabank will transfer money from other selected Canadian financial institutions to the SSI Investment Savings account you choose

Investment options include all ScotiaFunds (subject to the applicable minimum investment amount) and our Daily Interest Savings/Gain Plan Investment Savings accounts.

When the unit price is higher, your investment buys fewer units. Over time, this can have the effect of lowering the average cost of your investments compared to lump sum investing.

Example: $100 invested monthly for 5 month

Dollar Cost Averaging

Total units purchased: 51.9
Multiplied by latest price (end of May) $10
Total current value $519
Total invested $500
Gain $19

Chart is for illustration purposes only. It does not indicate the performance of any particular investment.

In the above example, an investment of $100 per month for 5 months (total investment = $500), results in the purchase of 51.9 units of a fund, at an average cost of $9.63/unit ($500/51.9 units). If the full $500 had been invested at the beginning, the total units purchased would have been 50, at a price of $10/unit. The effect of dollar cost averaging has reduced the average cost per unit.

When you invest regularly, you generate returns on the amount you invest each month as well as on the amount that money has earned.

As a result of this "compounding", your portfolio has the potential to grow faster than if you made a lump sum contribution. And if you are contributing to an RSP, pre-authorized contributions help to ensure you will not have to scramble to make your contribution at the last minute.

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Pre-authorized contributions can be set-up for the following SSI Investment Accounts:

  • Tax Free Savings Account (TFSA)
  • Registered Retirement Savings Plan (RRSP)
  • Non-Registered Investment Account
  • Registered Education Savings Plan (RESP)

Find out how quickly
your savings can add up

Use our dynamic video to see just how much more you can save by investing regularly with a pre-authorized contribution plan, or PAC.

Your first name
How much can you
invest each month?

Investing on a regular basis can help you reach retirement faster and easier. If you invest just once a month, you’ll have after ten years, after twenty years, and after thirty years. Look what happens if you invest the same monthly amount in instalments every two weeks, using a pre-authorized contribution plan. You’ll have after ten years, after twenty years, and after thirty years. It’s a small change that can really add up. Don’t simply set your PAC and forget it. Look at the difference regular increases to your monthly contributions can make to your nest egg. If you increase your deposits by 10% every three years, you’ll have after ten years, after twenty years, and after thirty years. And if you invested every two weeks instead of once a month, you’d have after ten years, after twenty years, and after thirty years. That would amount to more when you retire. When you invest regularly with a pre-authorized contribution plan, you can see a big difference in your savings – not your budget. Talk to a Scotiabank Financial Advisor and get on the fast track to reaching your goals.

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