Registered Education Savings Plans (RESP)

An RESP is one of the easiest and best ways to save for your child’s future.

Why invest your money in an RESP?

RESPs help parents, grandparents, family, and friends save towards a child's future post-secondary education. We offer Individual and family plan RESPs and can help you choose the plan that works best for you.

What is an RESP?

An RESP is an investment account geared towards saving for a child’s education. It allows investments inside the account to grow tax free. Federal government incentives, such as the Canada Education Savings Grant (CESG), are also available. Here are some tips on how to save for your child’s education with an RESP.

Types of RESPs that Scotiabank offers

Our individual and family plans give you a range of options, whether you intend on naming one beneficiary or many. 

What are the contribution limits?

There is a lifetime contribution limit of $50,000 that you can contribute to an RESP for up to 31 years. The plan can remain open for a maximum of 35 years. 

Is this Registered Plan right for you?

Right for you if you:

  • Need an account to save on a tax deferred basis for a child’s education
  • Want to have funds in a RESP that are eligible for Canadian Government and/or select provincial grants/bonds
  • Expect to have room to contribute within the yearly limit set by the Canadian Government

May not be right for you if you:

  • Do not have available RESP contribution room for the child 

The Investment Companion Booklet includes important information about our products, services, and fees.

Building your RESP

ScotiaFunds® Portfolio Solutions

Our Portfolio Solutions offer a diversified mix of mutual funds in the convenience of single investment to help you grow your savings while carefully managing risk. Whether you are seeking regular income or long-term growth, there’s a portfolio solution designed to help you achieve your goals.

Mutual funds

Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.

Special Offer

Guaranteed Investment Certificates (GICs)

Earn up to 15,000 Scene+TM points on an eligible GIC.♢

 

A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return. 

MomentumPLUS Savings Account

A high interest savings account that rewards you the longer you save.
 

All with no minimum balance or monthly account fee.

Special Offer

Savings Accelerator Account

Earn up to 4.05% interest until April 30, 2023 on new deposits in your eligible RRSP or TFSA with the Savings Accelerator Account.†

 

Earn a competitive interest rate on your money as it grows, with no monthly account fee. Available in registered2 and non-registered plans.

Build a plan for your future with Scotiabank

Get personalized advice from our team of advisors and investment specialists across Canada. 

Connect with us in a way that’s convenient for you. Scotia advisors are available in every branch to help you understand, plan, and execute the right financial plan.

Monitor your investments digitally with online and mobile banking. Our digital banking guides show you how to take care of your banking using your mobile phone, tablet, or computer.

scotiabank branch

Online appointment booking

A quick, easy, and secure way to connect with a Scotiabank advisor matched to your needs.

scotiabank advisor

Have a question?

We’re ready to give you advice.

1
The Scotiabank Savings Accelerator Account may be opened within the following registered investment accounts - TFSA, RRSP, RESP, RRIF and RDSP.
♢

GIC Investment Campaign Offer T&Cs

The Scotiabank GIC Bonus Scene+ Points Offer (the “Offer”) is available to individuals who purchase a Canadian Dollar Non-Redeemable GIC with a term of at least 2 years (“Eligible GIC”) between December 1, 2022, and March 31, 2023 (the “Offer Period”) and meet all other Offer conditions.

All other Scotiabank GICs, including non-redeemable GICs with terms less than 2 years, Market Linked GICs, Personal Redeemable GICs, Cashable GICs, and Guaranteed Income Optimizers are not eligible for the Offer. Eligible GICs can be purchased within either non-registered account or registered plans such as RRSP, TFSA, etc.

To qualify for a Scene+ point bonus (the “Points Bonus”):

  1. Purchase a new or renew an existing investment into an Eligible GIC during the Offer Period.
  2. The sum of Eligible GIC principal amounts purchased during the Offer Period must be equal to or greater than $5,000.
  3. By or on May 1, 2023, hold a Scotiabank debit or credit card that earns Scene+ Rewards (click here for eligible products) in good standing. 

The Points Bonus you qualify for (Tier 1-4) will depend on the sum of Eligible GIC principal amounts purchased during the Offer Period under step 2 above, as follows:

 

Tier 1

Tier 2

Tier 3

Tier 4

Sum of Eligible GIC Principal Amounts

$5,000 - $49,999

$50,000 – $249,999

$250,000 - $999,999

≥$1,000,000

Points Bonus

1,500

3,000

9,000

15,000

 

The Points Bonus will be credited to the Scene+ membership account connected to your Scotiabank debit or credit card by July 31, 2023, provided all Offer conditions outlined above have been satisfied.  Your Eligible GIC(s) must be open at the time of the Points Bonus payout. If more than one (1) Eligible GIC is purchased and each qualifies for the Offer, the Points Bonus will be credited based on the sum of the Eligible GIC principal amounts purchased during the Offer Period. If the Eligible GIC(s) is purchased in a joint investment plan, only the primary joint account holder will be eligible to receive the Points Bonus. If an eligible customer has multiple Scene+ membership accounts, only one account will be credited. All other terms and conditions of the Eligible GIC(s) purchased/renewed continue to apply, including any minimum amounts.

This Offer is non-transferable, non-saleable, may not be exchanged for cash and may not be duplicated. Limit of one (1) Points Bonus per customer, regardless of the number of Eligible GICs opened. Offer may be changed, cancelled, or extended at any time and cannot be combined with any other offers except as otherwise permitted.

SCENE LP in its sole discretion, reserves the right to revoke any Scene+ points issued in connection with this Offer and/or cancel Scene+ membership accounts, if SCENE LP feels the Scene+ points were issued or used fraudulently or not in accordance with these Terms and Conditions. Any discrepancies with Scene+ points must be addressed with the SCENE Help Centre at support@sceneplus.ca.


™ Scene+ and the Icon Design are trademarks of Scene Plus IP Corporation, used under license.

†

The Promotional Interest Rate Offer (the “Offer”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between November 10, 2022 and April 30, 2023 (the “Offer Period”). Eligible SSAAs include only those held within a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). SSAAs held within a RRIF, LIF, Registered Locked-In RSP, RESP, RDSP or any other registered plan or non-registered plan are not eligible for this Offer.

During the Offer Period, a promotional interest rate of 3.25% (the “Promotional Interest Rate”) will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of November 9, 2022 (“New Deposits”). The “SSAA Daily Balance” means, with respect to any particular day, the closing balance in the eligible SSAA. In addition, New Deposits will continue to earn interest at the posted annual interest rate for the SSAA (click here for current rates).

The Promotional Interest Rate will cease to apply as of May 1, 2023. Promotional interest earned during the Offer Period will be calculated daily and paid monthly. All interest rates described herein are annual rates.

SSAAs must be open and in good standing in order to receive any interest calculated at the Promotional Interest Rate. For purposes of this Offer, a SSAA is not in 'good standing' if it has a negative balance or the account holder is in breach of the account agreement with Scotiabank.

It is the SSAA account holder’s responsibility to determine his or her maximum allowable annual contributions in SSAAs held in registered plans.

All other terms and conditions of the SSAA continue to apply, refer to www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/savings-accelerator-account.html for details, including calculation of interest.

This Offer, including the Promotional Interest Rate, may be changed, cancelled or extended at any time, in whole or in part, without notice.