University of Saskatchewan

Financial Services (FS)

Sep 28, 2011

Payroll Savings Program 2011/2012

To: To all Monthly Paid employees
From: Kelly Read - Payroll & Payment Services
Date: September 28, 2011
Subject: 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

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

Rules for the Payroll Savings Plan

To register to purchase Payroll Savings Bonds access the online application process go to:

Existing Plan Account Holders


Increases/ Reductions




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:

  1. The owner can hold the plan with the Bank of Canada with no further contributions.
  2. The owner of the plan can have the full amount of contributions deposited directly to their personal bank account.
  3. 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.