Registered Education Savings Plans (RESP)

An RESP is one of the easiest and best ways to save for your child’s future.

Why invest your money in an RESP?

RESPs help parents, grandparents, family, and friends save towards a child's future post-secondary education. We offer Individual and family plan RESPs and can help you choose the plan that works best for you.

What is an RESP?

An RESP is an investment account geared towards saving for a child’s education. It allows investments inside the account to grow tax free. Federal government incentives, such as the Canada Education Savings Grant (CESG), are also available. Here are some tips on how to save for your child’s education with an RESP.

Types of RESPs that Scotiabank offers

Our individual and family plans give you a range of options, whether you intend on naming one beneficiary or many. 

What are the contribution limits?

There is a lifetime contribution limit of $50,000 that you can contribute to an RESP for up to 31 years. The plan can remain open for a maximum of 35 years. 

Is this Registered Plan right for you?

Right for you if you:

  • Need an account to save on a tax deferred basis for a child’s education
  • Want to have funds in a RESP that are eligible for Canadian Government and/or select provincial grants/bonds
  • Expect to have room to contribute within the yearly limit set by the Canadian Government

May not be right for you if you:

  • Do not have available RESP contribution room for the child 

The Investment Companion Booklet includes important information about our products, services, and fees.

Building your RESP

Guaranteed Investment Certificates (GICs)

A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return.

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.

MomentumPLUS Savings Account

A high interest savings account that rewards you the longer you save.
 

All with no minimum balance or monthly account fee.

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.

Mutual funds

Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.

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.

scotiabank branch

Online appointment booking

A quick, easy, and secure way to connect with a Scotiabank advisor matched to your needs.

scotiabank advisor

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 February 1, 2024 and May 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 offer.  

 

During the Bonus Rate Period, the Bonus Rate of 4.35% will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of January 31, 2024 (“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 June 1, 2024. The bonus interest earned during the Bonus Rate Period will be calculated daily and paid monthly or within up to 90 days after Bonus Rate Period ends. All interest rates described here in 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 send you important notices regarding your account or this offer. 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.