Scotia Private Client Group, the private client offering from Scotiabank which merges services from a number of its units, has launched a new investment program for wealthy Canadians looking to save money through deferring and minimizing taxes on non-registered investments.

The product, Scotia Private Corporate Class Pools, covers a group of funds managed by Scotia Asset Management, with each fund offered as a separate class of shares within the firm. Investors can then switch from one class of shares to another without triggering an immediate taxable event, Scotia said.

The funds are:

•Scotia Private US Equity Class

•Scotia Private US Dividend Class

•Scotia Private Canadian Equity Class

•Scotia Canadian Dividend Class

•Scotia Canadian Corporate Bond Capital Yield Class

•Scotia Conservative Government Bond Capital Yield Class

"Managing the impact of taxes on investment returns is an important consideration for high net worth Canadians who have maxed out their RRSP [registered retirement savings plan] and TFSA [tax-free savings account] limits and have additional taxable wealth," said Tuula Jalasjaa, managing director and head, investment management distribution at Scotia Private Client Group.

"Scotia Private Corporate Class Pools meets the needs of this investor segment looking for a tax-efficient income investing strategy, with tax-deferred switching, rebalancing and the potential for smaller taxable distributions."