Pre-authorized contributions (PAC)
Save automatically to help your money grow faster
With pre-authorized contributions (PACs), you’re in control of how much you save and how often you save it. That amount you choose will be automatically deducted from your savings or chequing account and deposited into your investment account.
It’s a convenient and flexible way to build up your savings for your future.
Take charge of your RRSP savings
Use PACs to save automatically for your RRSP all year round and avoid the stress of the annual RRSP contribution deadline1.
You can choose to contribute weekly, bi-weekly, monthly, quarterly, semi-annually, or annually.
As a result of this compounding, your savings have the potential to grow faster than if you made a lump sum contribution.
Contributions are tax deductible
Your regular contributions (up to your annual limit) can be subtracted from your earned income, reducing the amount of income tax you pay2.
To get started, download the tax deduction waiver from the CRA website.
How it works
Choose the amount you want to save — even putting away $25 a month can make an impact on your retirement savings.
Select the date and frequency to withdraw money from your savings or chequing account and deposit it into your investment account.
Select the investment account you want to build — if an RRSP isn’t the right account for you, you can also set up pre-authorized contributions for your TFSA, RESP, or a non-registered investment account.
To set up a PAC online, simply log in to your Scotia Online® Account and:
1. Go to Transfers > Add to Scotia Investments > Contribute
2. Choose the RRSP account you want to contribute regularly to
3. Choose "Set-up Pre-Authorized Contributions" as your contribution type