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.‡
Special Offer

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. 

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.

Special Offer

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.

Special Offer

Guaranteed Investment Certificates (GICs)

Earn 5% on an eligible 2-year GIC.♢

 

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.

scotiabank branch

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 Investment Plan Welcome Offer (the “Offer”) is available between November 1, 2022 and January 31, 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.

2
The Scotiabank Savings Accelerator Account may be opened within the following registered investment accounts - TFSA, RRSP, RESP, RRIF and RDSP