Without getting into specifics it's easy to see how you could structure this more cheaply yourself.
Poking around Bloomberg, it looks like 3yr CAD swap spreads are around 1.6%. This means you could buy a 3yr 0 coupon bond for around $95.5.
A 3yr, 20% call spread on the S&P500 costs 3.4pts.
Combining the two, you pay $98.9 for the same thing Scotiabank is selling you for $100.
Depending on the stocks they include (things like dividend yield and implied vol matter a lot), and other bells and whistles they throw in (feel free to post the prospectus), the economics could work out even worse for you. Not to mention the fact that this structured product will be much less liquid than it's component parts.
I'd guess that you'd be even worse off with the 5yr product.