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Pre-Authorized Contributions (PACs) are a convenient way to help keep you on track to meet your investing goals.
You choose the amount you want to contribute and how often – for example, weekly, biweekly or monthly. You can adjust the amount and frequency at any point in time.
PAC Benefits
- Helps you stick to your plan. When it comes to saving, it’s sometimes easy to get sidetracked. A PAC allows you to make saving priority number one by ensuring you automatically make contributions.
- Minimizes scrambling to meet Registered Retirement Savings Plan (RRSP) deadline. With a PAC you’ll save automatically for your RRSP – all year round – and avoid the stress of meeting the RRSP deadline and making a yearly lump-sum contribution.
- Eliminates the guesswork of when to invest. Research has shown that investing on a regular basis is much more effective than trying to “time the markets”– especially during periods of volatility.
- Works with almost any budget. With a PAC, you determine what you can afford to save. Get started with as little as $25 per month.
- Takes advantage of potential compound growth. Saving over a longer period of time allows your money more time to grow and to benefit from compound growth.
Investing on a regular basis through PACs is a great way to build your savings easily and automatically.
Speak with a Scotiabank advisor to set up a PAC that meets your needs.
Legal Disclaimer: This article is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
