Pre-Authorized Contributions (PACs) are a convenient way to help keep you on track to meet your investing goals.
You choose the amount you want to contribute and how often – for example, weekly, biweekly or monthly. You can adjust the amount and frequency at any point in time.
- Helps you stick to your plan. When it comes to saving, it’s sometimes easy to get sidetracked. A PAC allows you to make saving priority number one by ensuring you automatically make contributions.
- Minimizes scrambling to meet Registered Retirement Savings Plan (RRSP) deadline. With a PAC you’ll save automatically for your RRSP – all year round – and avoid the stress of meeting the RRSP deadline and making a yearly lump-sum contribution.
- Eliminates the guesswork of when to invest. Research has shown that investing on a regular basis is much more effective than trying to “time the markets”– especially during periods of volatility.
- Works with almost any budget. With a PAC, you determine what you can afford to save. Get started with as little as $25 per month.
- Takes advantage of potential compound growth. Saving over a longer period of time allows your money more time to grow and to benefit from compound growth.
Investing on a regular basis through PACs is a great way to build your savings easily and automatically.
Speak with a Scotiabank advisor to set up a PAC that meets your needs.