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.

§

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

†

The bonus interest rate (The “Bonus Rate”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between August 14, 2023 and January 31, 2024 (the “Bonus Rate Period”). Eligible SSAAs include only those held within a First Home Savings Account (FHSA) at either The Bank of Nova Scotia or Scotia Securities Inc. (together, “Scotiabank”). SSAAs held within a TFSA, RRSP, RRIF, LIF, Registered Locked-In RSP, RESP, RDSP or any other registered plan or non-registered account at Scotiabank are not eligible for this Bonus Rate.

 

During the Bonus Rate Period, the Bonus Rate of 4.25% will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of August 13 2023 (“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 Bonus Rate will cease to apply as of February 1, 2024. The bonus interest earned during the Bonus Rate 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 Bonus Rate. 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 https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/savings-accelerator-account.html for details, including calculation of interest. 

 

By accepting this offer, you consent to receive messages from Scotiabank via e-mail, Scotia OnLine and/or the Scotiabank Mobile Banking App so that we can notify you when the Bonus Rate Period and the offer are expiring and what interest rate will take effect after the Bonus Rate Period expires. Should you ever need to change your email address, you can update it by calling us or going into a branch.

 

These offer terms, including the Bonus Rate, may be changed, cancelled or extended at any time, in whole or in part, without notice. 

 

Scotia Securities Inc. is a mutual fund dealer and is a corporate entity, separate from, although wholly-owned by, The Bank of Nova Scotia ("Scotiabank"). ScotiaFunds are managed by 1832 Asset Management L.P. and are available from Scotia Securities Inc. 1832 Asset Management L.P. is a limited partnership the general partner of which is wholly-owned by Scotiabank. Scotia Smart Investor is a trade name of Scotia Securities Inc.