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; or pay 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:
- Are planning on making a contribution but 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.
The Scotia Aria® Retirement Program
The only retirement program of its kind in Canada, with a customized investment approach designed for your stage in life. A $500 investment is all it takes to get started.
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.
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