Sep 28, 2012
Canada/Payroll Savings Program 2012/2013
||To all Monthly Paid employees
||Kelly Read - Payroll & Payment Services
||September 28, 2012
||Canada/Payroll Savings Program 2012/2013
The university is offering automatic payroll deduction to monthly paid
employees for the Canada/Payroll Savings Program. Access
the online application process through a web link for the Bank of Canada. You can
register for a new payroll savings program or modify a prior-year payroll
If assistance is required please contact us at firstname.lastname@example.org.
The Canada/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
- Make transaction inquiries, request redemptions, and check your plan balances at anytime through secure online access at www.mybonds.gc.ca. For other information or questions, call the toll-free Customer Information Line
at 1-877-899-3599 (Monday to Friday, 8am – 8 pm ET)
- Find current plan interest rates in the payroll area on the plan’s web site at www.csb.gc.ca
- 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 be accessed at www.mybonds.gc.ca or by phone 1-877-899-3599 (Monday – Friday, 8am – 8pm ET).
Rules for the Canada/Payroll Savings Plan
- Minimum monthly deduction for Payroll Savings plan is $10.00 and can be increased in $5.00 increments.
Register to purchase Payroll Savings Bonds using the online application at:
- www.e-campaign.csb.gc.ca The university’s ORGANIZATION ID is 12750
- First time applicants will be taken through a step-by-step process to create an account
- For more information on the Canada/Payroll Savings Bond options go to: 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 Canada/Payroll Savings deductions or open a new account for another person(s) (i.e.) child – go to www.e-campaign.csb.gc.ca
- Increases or decreases to the original amounts for the current campaign are not permitted between campaigns.
- “Catching up” due to maternity leaves, seasonal lay-offs, and leave of absences is NOT allowed by the Canada/Payroll Savings Bond program.
- Change name/address/phone number directly through the Canada/Payroll Savings Bond web site or the Customer Information Line.
- Change name/address/phone number 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 to the original amounts indicated by the employee on the application form for the current campaign are not permitted between campaigns. “Catch ups” 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 is required. This can be sent through campus mail or by 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 leaves the university the automatic payroll deductions are cancelled at the end of the month in which employment ends. 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.