University of Saskatchewan

Financial Services (FS)

Sep 30, 2014

Canada Payroll Savings Program 2014/2015

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 during the October 1 to November 1, 2014 campaign.

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 pay cheque 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 






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.
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.