Sep 30, 2013
Canada Payroll Savings Program 2013/14
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 deductions.
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 pay cheque 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 any time 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-8pm 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 at 1-877-899-3599 (Monday to Friday, 8am-8pm ET).
Rules for the Payroll Savings Plan
- Minimum monthly deduction for the Payroll Savings plan is $10.00, with increases in $5.00 increments.
To register to purchase Payroll Savings Bonds access the online application process, go to:
- www.mybonds.gc.ca The university’s 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 go to:www.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) (i.e., a child) – go to www.mybonds.gc.ca
- Make name/address/phone number changes 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. Send written notification to the Payroll Department or email email@example.com
(Note: no interest will be paid if plan 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 departing 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.