Payroll Saving Program Banner

Employees

Employees who work for organizations offering the Canada Savings Bonds (CSBs) Payroll Savings Program can sign up to the Program or increase contribution amounts for existing plans during the sales campaign, which runs every year from early October to 1 November. CSBs are available exclusively through the Payroll Savings Program.

Whether you’re new to the Program, would like to create a new savings plan or you’ve signed up to the Program and want to manage your existing Plan, everything can be done on CSB Online Services. The tool is easy to use and allows you to complete all your transactions online. Download the Employee How-To Guide, a helpful manual for Payroll Savings Program participants, that gives a step-by-step approach to most common transactions on CSB Online Services.

Registration

During the sales campaign, you can create a CSB Online Services (CSBOS) account. You will need your employer’s Organization ID (contact your Campaign Director or find it on the Payroll Savings Program posters displayed in your workplace during the sales campaign).

Contribution

During the sales campaign, you can log in to your CSBOS account (or create one if you have never been on CSB Online Services) to set up a new Payroll Savings Plan or change your contributions for existing plans.

To contribute to your existing RSP Plan, go to CSB Online Services.

Here are examples of some common activities done on CSB Online Services:

  • Create a CSBOS account (during the sales campaign);
  • Set up new plans and/or change your contribution amounts (during the sales campaign);
  • Check plan balances;
  • Change your address;
  • Change your account details;
  • View and print T5 slips (if the amount of interest earned is greater or equal to $50).

Redemption

CSBs purchased through the Payroll Savings Program can be redeemed at any time on CSB Online Services. Note that your most recent payroll contributions will be held for 15 days from the date the Bank of Canada receives your deduction from your employer.

Direct Deposit

If you have a Single Plan, you may enrol in Direct Deposit or change your banking information on CSB Online Services. If you have a Joint or Third Party Plan, the Change of Address and Direct Deposit (COADD) Form must be completed.