Sep 28, 2011
Payroll Savings Program 2011/2012
||To all Monthly Paid employees
||Kelly Read - Payroll & Payment Services
||September 28, 2011
||Payroll Savings Program 2011/2012
The University is offering the automatic payroll deduction to monthly paid employees for the Payroll Savings Program. The online application process is accessed through a web link for the Bank of Canada. You can register for a new payroll savings program or modify a prior year payroll deductions for the Payroll Savings Program.
If assistance is required please contact us at firstname.lastname@example.org.
The Payroll Savings Program plan is a simple, convenient and secure way to save for tomorrow. Your fixed contribution amount is deducted from each month-end paycheque and you start earning interest when your funds are received by the Bank of Canada.
Program Features remain unchanged from prior campaigns
- Secure online access. You can view and manage your savings program at http://www.mybonds.gc.ca. Participating employees can check their Plan balance or request redemption virtually anytime.
- Current plan interest rates are displayed within the payroll area on the Plan's website at http://www.csb.gc.ca
- You can make transaction inquiries, request redemptions, and check your plan balances at anytime through secure online access at http://www.mybonds.gc.ca. You can also have your questions answered by calling the toll-free Customer Information Line at 1-877-899-3599 (Monday - Friday, 8am - 8 pm ET).
- Annual Statement: A year-end statement is sent to bondholders, outlining the amount that has been invested and the interest earned. A summary of all transactions during the year is included and can also accessed at http://www.mybonds.gc.ca or by phone 1-877-899-3599 (Monday - Friday 8am - 8pm ET).
Rules for the Payroll Savings Plan
- Minimum monthly deduction for Payroll Savings plan is $10.00 - increase in $5.00 increment.
To register to purchase Payroll Savings Bonds access the online application process go to:
- https://www.mybonds.gc.ca/ The Universities ORGANIZATION ID 12750
- First time applicants will be taken through a step by step process to create an account
- For more information on the Payroll savings Bond options access their web site at http://csb.gc.ca - Select Employee option
Existing Plan Account Holders
- To maintain current savings deductions - no action is required.
- Should you wish to increase or decrease Payroll Savings deductions or to open a new account for another person(s) (ie. child) – go to the https://www.mybonds.gc.ca/ web site
- Increases or decreases changing to the original amounts indicated by the employee on the application form for the current campaign are not permitted between campaigns.
- Catch-up due to maternity leaves, seasonal lay-offs, and leave of absences are NOT allowed by the Payroll Savings Bond program.
- Name/address/phone number changes are handled directly through the Payroll Savings Bond web site or the Customer Information Line.
- Name/address/phone number changes are handled directly through the Bank of Canada. Individual participants can amend or secure the information they need by calling Customer Service directly at 1-877-899-3599.
- Increases or decreases changing the original amounts indicated by the employee on the application form for the current campaign are not permitted between campaigns. "Catchups" due to maternity leaves, seasonal lay-offs, and leave of absences are NOT allowed by Bank of Canada.
- An employee may cancel the payroll deduction at any time during the campaign year. Written notification to the Payroll Department or email to email@example.com
(Note: no interest will be paid if cancelled within the first three months of the purchase.) The employee may restart the deduction ONLY at the beginning of the new campaign year.
- Plan owners may contact the Bank of Canada at any time to arrange either partial or full redemption of their contributions. NOTE: If redemption is requested in the first three months after issue date "NO INTEREST WILL BE PAID". The employee's most recent purchase amount will be held for 15 days from the date the Bank receives that purchase amount.
- The Bank of Canada will arrange for the redemption payment to be deposited directly into your personal bank account. If the contributions are owned by more than one person, arrangements for direct deposit of payments can be made by contacting Customer Service at 1-877-899-3599.
When an employee terminates employment with the University the automatic payroll deductions are cancelled at the end of that month. Departing employees have three options:
- The owner can hold the plan with the Bank of Canada with no further contributions.
- The owner of the plan can have the full amount of contributions deposited directly to their personal bank account.
- The terminating employee can continue to make contributions to their plan by calling Customer Service at 1-877-899-3599 and arranging with the Bank of Canada to have the contributions debited directly from their personal bank account.