Registered Retirement Savings Plans (RRSP)
Worrying about your finances shouldn’t keep you up at night. Maximize your retirement savings with tax benefits on your investments.
- Earn up to $350 in value on an eligible RRSP & TFSA.‡
Open an eligible RRSP & TFSA in a few steps and earn up to $350 in value.‡
Plus, earn up to 4.05% interest until April 30, 2023 on new deposits in your eligible RRSP or TFSA with the Savings Accelerator Account.†
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.
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 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.
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.
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.
The Scotiabank Investment Plan Welcome Offer (the “Offer”) is available between November 1, 2022 and March 1, 2023 (the “Offer Period”) to individuals who open an eligible Scotia Registered Account during the Offer Period (each an “Eligible Investment Plan”) and complete certain qualifying activities.
For the purposes of this Offer, the following Scotia Registered Accounts are eligible for the Offer: Scotia Registered Retirement Savings Plans (RRSPs, excluding Locked-In Plans such as LIRAs and LRSPs) (each an “Eligible RRSP”) or Scotia Tax-Free Savings Accounts (each an “Eligible TFSA”). Scotia RRIFs, RESPs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer. In order to qualify for either a Cash Bonus or Points Bonus (both defined below), the individual cannot have held the same type of Eligible Investment Plan with either The Bank of Nova Scotia or Scotia Securities Inc. (together, “Scotiabank”) in the 6 months preceding the Offer Period.
To qualify for a cash bonus (the “Cash Bonus”):
1. Open one or more new Eligible Investment Plan(s) during the Offer Period;
2. March 1, 2023, contribute or transfer-in a Minimum Qualifying Investment Amount (as defined below) into your new Eligible Investment Plan(s) and maintain that Minimum Qualifying Investment Amount until May 31, 2023 to qualify for either a $150 Cash Bonus or a $300 Cash Bonus:
|Minimum Qualifying Investment Amount*||Eligible Plan(s)||Qualifying Cash Bonus|
|$3,000 combined across any of your new Eligible Investment Plan(s)||Either an Eligible RRSP or Eligible TFSA||$150|
|$3,000 into both a new Eligible RRSP and TFSA (for a total minimum of $6000 combined)||Both an Eligible RRSP and Eligible TFSA||$300|
* For purposes of calculating the Minimum Qualifying Investment Amount, the book value of the contributions and/or transfers-in will be used to determine eligibility.
3. By March 1, 2023, set up a recurring pre-authorized contribution (PAC) from any Scotiabank personal bank account of at least $50 total per month in any of your Eligible Investment Plan(s), which must have recurred for a minimum of 3 consecutive months by May 31, 2023.
To qualify for an additional 5000 Scene+™ Points bonus (the “Points Bonus”):
4. Complete steps 1 – 3 above for the Cash Bonus and by or on May 31, 2023, hold a Scotiabank debit or credit card that earns Scene+ Rewards (click here for eligible products) and is in good standing.
For full terms and conditions, see Winter Investments Campaign Offer Terms and Conditions
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.
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”):
- Purchase a new or renew an existing investment into an Eligible GIC during the Offer Period.
- The sum of Eligible GIC principal amounts purchased during the Offer Period must be equal to or greater than $5,000.
- 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:
Sum of Eligible GIC Principal Amounts
$5,000 - $49,999
$50,000 – $249,999
$250,000 - $999,999
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 firstname.lastname@example.org.
™ Scene+ and the Icon Design are trademarks of Scene Plus IP Corporation, used under license.