The Scotiabank Investment Transfer Offer (the “Offer”) is available between March 4, 2025 and June 2, 2025 (the “Offer Period”) to new and existing Scotiabank clients. Subject to the conditions below, clients are eligible for a 1.5% cash bonus of up to $3,750 (the “Cash Bonus”), when they transfer a Net Transfer-in Amount of $15,000 or more (either in cash or as an in-kind transfer of existing assets) to a new or existing Eligible Registered Account with either The Bank of Nova Scotia or Scotia Securities Inc., complete certain qualifying transactions, and meet all other Offer conditions set out below.

 

Definitions:

“Eligible Registered Accounts”: Scotia Registered Retirement Savings Plans (excluding Locked-in plans such as LIRAs and LRSPs) (each an “Eligible RRSP”), Tax-Free Savings Accounts (each an “Eligible TFSA”), First Home Savings Accounts (each an “Eligible FHSA”) and Registered Education Savings Plans (each an “Eligible RESP”). Scotia RRIFs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer.

 

“Net Transfer-in Amount”: The combined sum of all transfers (either in cash or as an in-kind transfer of existing assets) initiated during the Offer Period and successfully funded in your Eligible Registered Account of the same registered account type (E.g., TFSA to TFSA, RRSP to RRSP, etc.) by July 15, 2025, minus any transfers out or withdrawals from the Eligible Registered Account(s) made by July 15, 2025. For the purposes of calculating the Net Transfer-in Amount, the book value of transfers will be used to determine eligibility. For clients holding investments in non-Canadian dollar currencies, the Net Transfer-in Amount will be calculated in Canadian dollar equivalent at the Scotiabank conversion rate.

 

“Total Investment Amount”: The total book value balance in the Eligible Registered Account as of July 15, 2025, which includes the Net Transfer-in Amount plus any existing balances held in the Eligible Registered Account(s) . For clients holding investments in non-Canadian dollar currencies, the Total Investment Amount will be calculated in Canadian dollar equivalent at the Scotiabank conversion rate.

 

How to Qualify for the Offer:

To qualify for a Cash Bonus:

 

1. During the Offer Period, initiate one or more transfers with a Net Transfer-in Amount of $15,000 or more in your new or existing Eligible Registered Account. The Net Transfer-in Amount must be successfully funded in the Eligible Registered Account by July 15, 2025.

 

2. Maintain your Total Investment Amount until December 1, 2025.

For example, if a client successfully funded $25,000 into an Eligible TFSA and made a withdrawal of $5,000 before July 15, 2025, the client will be eligible for this Offer as long as the remaining of the Net Transfer-in Amount of $20,000, plus any existing balances prior to the start of the Offer Period, are maintained within the same Eligible TFSA until December 1, 2025.

 

3. During the Offer Period, set up one recurring pre-authorized contribution (PAC) from any Scotiabank personal bank account with a minimum value and frequency of at least $100 per transfer monthly into your new Eligible Registered Account. To qualify, the first PAC must clear by June 2, 2025 and the PAC must recur for a minimum total of six (6) consecutive months by December 1, 2025.

 

Calculation of Cash Bonus: The Cash Bonus will be calculated as 1.5% of the Net Transfer-in Amount held in your Eligible Registered Account as at December 1, 2025, up to a maximum Cash Bonus of $3,750. 

 

Eligibility and Exclusions:  For a transfer-in to be eligible, assets must be transferred from a registered account held at a financial institution other than The Bank of Nova Scotia or any of its subsidiaries or affiliates (including Scotia Securities inc.) and must be transferred to the Eligible Registered Account from an account of the same registered account type. (E.g., TFSA to TFSA, RRSP to RRSP, etc.).

 

The assets that are transferred in from another Canadian financial institution must be processed through a T2033 form and the transfer must be initiated and submitted by a Scotiabank Advisor or Scotia Financial Planner; clients who initiate and complete their own transfers will not be eligible. A client can complete multiple transfers to reach the minimum $15,000 Net Transfer-in Amount as long as the assets are transferred to the same registered account type. Transfers across multiple registered account types cannot be aggregated to reach the $15,000 minimum.

 

General Terms: Provided all Cash Bonus conditions have been met, the Cash Bonus will be deposited to your Eligible Registered Account within approximately eleven (11) months from when the first transfer-in is completed. For the Cash Bonus to be paid, the applicable Eligible Registered Account must be open and in good standing until the time of payout of the Cash Bonus. For purposes of this Offer, an Eligible Registered Account is not in 'good standing' if the account holder is in breach of the Eligible Registered Account agreement.

 

If you qualify, you will receive only one (1) Cash Bonus per registered account type (e.g., a RRSP and a TFSA), regardless if there are multiple transfers to the same Eligible Registered Account and regardless of the number of Eligible Registered Account types qualified. If multiple Eligible Registered Accounts of the same registered account type meet the qualifying conditions (e.g., 2 Eligible RRSPs), the Cash Bonus will only be paid on the first Eligible Registered Account that has met the Offer conditions.

 

Clients are responsible to confirm their contribution limits noted on their most current Notice of Assessment issued by the Canada Revenue Agency prior to making any contribution to their Eligible Registered Account(s).  Scotiabank is not responsible for any contribution over a client’s contribution limits. The Cash Bonus is not considered a contribution and therefore will not impact contribution limits. 

 

This Offer is non-transferable, non-saleable, may not be exchanged for cash and may not be duplicated. Offer may be changed, cancelled, or extended at any time without prior notice and cannot be combined with other offers.

The amount you withdraw can be put back into your TFSA starting the following year without impacting your contribution room. Specific product restrictions may also apply. Annual contribution limits: $5,000 for 2009-2012; $5,500 for 2013-2014; $10,000 for 2015; $5,500 for 2016-2018; $6,000 for 2019 – 2022, $6,500 for 2023 and $7,000 for 2024-2025. For complete information on your contribution room, please visit the Canada Revenue Agency website. 

If you over-contribute to your TFSA, then the excess amount will be taxed at 1% for every month it’s in your TFSA.

If you remove funds from the FHSA for any reason other than for a qualifying home purchase, you will have to pay taxes. You will be considered to be a first time home buyer if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years live in a qualifying home as your principal residence that either you or your spouse or common law partner owned or jointly owned.

If you over-contribute to your FHSA, then the excess amount will be taxed at 1% for every month it’s in your FHSA.