Registered Retirement Savings Plans (RRSP)

Maximize your retirement savings with tax benefits on your investments.

Is this Registered Plan right for you? 

Right for you if you:

  • Plan on making a contribution to your RRSP to reduce your taxable income while your investments grow on a tax-deferred basis
  • Expect to have room to contribute before retirement based on the maximum yearly contributions allowed by the Canadian Government
  • Plan on using your RRSP to help you buy a home and are eligible under the Home Buyers’ Plan 
  • Plan on paying for yours, your spouse’s, or  common-law partner’s education and are eligible under the Lifelong Learning Plan

May not be right for you if you:

  • Do not have available contribution room
  • Are turning 72 this year - since you can only hold and contribute to an RSP until the year in which you turn 71
  • You think you will need this money in the shorter term for reasons other than buying a home (under the Home Buyers’ Plan) or for education purposes (under the Lifelong Learning Plan)

Why invest your money with RRSP

Contributions you make to your RRSP reduce your taxable income while your investments grow on a tax-deferred basis.

What is an RRSP?

RRSP helps you save for retirement. While there are several kinds of registered savings plans, they all have the same important feature: you don’t have to pay income tax on the money you earn from your investments while they’re in the plan.

How much can I contribute?

RRSP allows you to make tax-deductible contributions each year, either in a lump sum or through regular Pre-Authorized Contributions (PACs). The maximum you can contribute each year is set by the Canadian government and depends on your income. 

What else can I use the money for?

Funds in an RRSP are eligible for Canadian government programs that can help you buy your first home or pay for education for you, your spouse, or your common-law partner.

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

Building your RRSP

Your RRSP can contain a variety of investments, such as cash, mutual funds, and GICs. We can help you build an investment portfolio that’s right for you.

Savings Accelerator Account

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

Guaranteed Investment Certificates (GICs)

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

Mutual funds

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

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.

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.

Open an RRSP

See available options to open your RRSP account.

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Online appointment booking

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

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Have a question?

We’re ready to give you advice.