University of Saskatchewan

Financial Services (FS)

Sep 28, 2012

Canada/Payroll Savings Program 2012/2013

To: To all Monthly Paid employees
From: Kelly Read - Payroll & Payment Services
Date: September 28, 2012
Subject: 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 deduction.

If assistance is required please contact us at

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

Rules for the Canada/Payroll Savings Plan

Register to purchase Payroll Savings Bonds using the online application at:

Existing Plan Account Holders






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:

  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.