About the Program
Where it's Available
Ask your HR or payroll department if your organization offers the CSB Payroll Savings Program. Organizations offering the program have a designated Campaign Director who can help answer your questions.
Who is Eligible
All Canadian residents can contribute to a Payroll Savings Plan if their employer offers the Program. This includes federal and provincial government employees, as well as armed forces personnel stationed outside the country and their immediate families.
How Interest is Earned
CSBs purchased through the Payroll Savings Program accrue interest on a daily basis until redemption, at the interest rate determined by the Minister of Finance for that series and period. Since interest is accrued on a daily basis, even though CSBs have a maturity of 3 years, if not redeemed by the owner the balance will automatically be “rolled over” to the next available series once it reaches maturity.
Watch a quick video on how interest is calculated on a bond series.
Obtaining Online Statements and T5s
- If you are a Single Plan owner and have a CSBOS account, you will automatically be set up to view and print statements and T5s online.
- If you are a Single Plan owner and do not have a CSBOS account, you will need to create a CSBOS account in order to sign up for online statements and T5s. Once you have a CSBOS account, log in to CSB Online Services and select Statements and T5s in the left navigation menu then select Sign Up Now.
- For Joint or Third-Party Plan owners, online statements and T5s are not currently available and therefore hardcopies will continue to be sent to you in the mail.
Note that Canada Revenue Agency only requires the issuance of T5s if the amount of interest earned is equal to $50 or more.