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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*)
  • Treasury bills
  • Mutual funds
  • Equities
  • Savings Accelerator Account
  • Guaranteed Investment Certificates (GICs)
  • Bonds

We also offer the following options:

Pre-Authorized Contributions

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

Spousal RSPs

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

Self-directed RSPs

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

Scotia RSP Catch-up Line of Credit

Top up any unused contribution room and maximize your RSPs.


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.

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.

Pay Yourself First™ Tools

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

Difference between TFSA & RRSP (Demo)

Start Demo
Transcript Transcript

Convenient Ways to Open Your RSP Today!

In person

Make an appointment at your local branch


Call one of our financial advisors


Contribute to your RSPs