Retirement Savings Plans (RSP)

Right for you if:

  • You're planning for retirement

  • You want a choice of investment options

    • Lower your taxes while growing your nest egg for retirement!

    A Registered Retirement Savings Plan (RRSP) is a government-regulated investment account with special tax benefits to help you maximize your retirement savings. Deductible contributions to an RRSP help reduce your taxes, and any income you earn on your investments while in the plan grow tax-deferred.

    If you have a pension, we also offer locked-in plans.

    Benefits of RSPs:

  • Your RSP is an investment account, and can contain a variety of investments (e.g. mutual funds, GICs, cash, etc.)

  • Your annual contributions (up to your annual limit) can be deducted from your earned income, reducing the amount of income tax you pay that year

  • When you withdraw money at retirement, you may benefit from a lower tax rate

  • Funds in an RSP are eligible for Canadian Government programs that can help you buy your first home, or pay for further education

    • Have more questions about RSPs?

    View our RSP FAQ. For fees and other account information, 

    Your designated retirement savings can contain a variety of investments, including:

  • Cash (Investment Account*)

  • Savings Accelerator Account

  • Treasury bills

  • Guaranteed Investment Certificates (GICs)

  • Mutual funds

  • Bonds

  • Equities

    • We also offer the following options:

    Pre-Authorized Contributions

    Take advantage of automatic deductions and deposits to build your savings easily and conveniently.

    More details
    Spousal RSPs

    Understand the basics of how spousal RSPs can be an effective tool in planning for retirement.

    More details
    Self-directed RSPs

    Invest in a wide range of qualified investments and reduce administration and brokerage costs by dealing with one institution.

    More details
    Scotia RSP Catch-up Line of Credit

    Top up any unused contribution room and maximize your RSPs.

    More details
    Tools

    It's easy to achieve your goals.

    Scotiabank Money Finder Calculator

    Start by understanding where you are today. With this calculator, see if you have additional funds available to put towards your retirement goals.

    Launch tool
    Scotia Retirement Savings Calculator

    Find out how well your current savings and future contributions will provide for your retirement, and learn how to address potential shortfalls.

    Launch tool
    Pay Yourself First™ Tools

    See how paying yourself first can help you meet your saving goals.

    Launch tool
    video thumb
    Difference between TFSA & RRSP (Demo) | Transcript
    Start Demo

    Convenient Ways to Open Your RSP Today!

    In person

    Make an appointment at your local branch

    Scotiabank branch locator
    Phone

    Call one of our financial advisors

    1(800)268-9269
    Online

    Contribute to your RSPs

    Sign In