Manage the Program Year-Round
While many changes and updates take place during the sales period of the campaign (the month of October), you can rely on support for your employees and your staff throughout the entire year.
Account Changes
- Contribution Changes and Multiple Accounts
- During October, any changes to multiple accounts can be made online. After 1 November, employees contributing to more than one plan who wish to change their deduction amount can call Customer Service. This will allow us to allocate the new amounts for each plan. Also, employees wishing to close one of their plans must call Customer Service to adjust their contribution to remaining plans.
- CSB Customer Updates
- Bond owners can update their CSB account by contacting Customer Service.
- Suspensions and Resumptions of Contributions
- Employees may suspend their purchases at any time. Resumption of purchases can take place before any payroll period, within whichever frequency is designated by your organization. There is no penalty or fee, and the balance continues to earn interest even while bond purchases are suspended. When employees choose to suspend bond purchases, you and your payroll department must ensure that the employee’s name and other information is removed from the electronic file submitted to the Bank of Canada at each payroll cycle. Employees can keep track of suspensions and resumptions by checking their pay stubs, annual statement, or by going to CSB Online Services. However, keeping a record of a suspended deduction ensures that it can be easily restarted when desired.
- Increases and Reductions
- While employees may reduce their purchase amount at any time, subject to the frequency you have set, increases above the purchase amount on record for the year are not permitted between campaigns. However, there are certain exceptions: Increases above that amount will be accepted for catch-up purposes as long as the annual purchase amount remains approximately the same (e.g., an employee returns to work after maternity leave and would like to catch up on her bond purchases). Otherwise, employees can only increase purchase amounts at the next annual campaign (i.e., October of the following year).
- Cancellations
- Employees may cancel payroll deductions at any time. Bond owners may redeem their bonds or leave them in their plan, where they will continue to earn interest. Whenever there is a cancellation, it is important for your organization to ensure that the employee’s name and information is removed from the electronic file submitted to the Bank of Canada.
- Departures
- When participating employees leave your organization, it is important to ensure that the departing employees’ names and information are removed from the electronic file submitted to the Bank of Canada. Departing employees can:
- Have their plan transferred to a new employer if that organization is a Payroll Savings Program sponsor. The new employer should call Customer Service to update their electronic file and have the following information on hand: organization name and ID (five digit number), first and last name of the employee, and former employer name. Additional information may be required to identify the new employee.
- Contact Customer Service for further options.
- Redemptions
- Bond owners can redeem their CSBs at any time by going to CSB Online Services or by calling Customer Service. If direct deposit information is already on file, their money will then be deposited into their bank account after three business days. If a redemption is requested in the first three months after the issue date, no interest is paid and no partial redemptions are allowed. Also, an employee’s purchase amount will be held for 15 days from the date the Bank of Canada receives that purchase amount. Employees must arrange with the Bank of Canada to have the redemption payment deposited directly into their personal bank account. If bonds are owned by more than one person, or the owner is not the employee, information concerning arrangements for direct deposit of payments can be made by calling Customer Service. For redemption requests from The Canada RSP, contact Customer Service.
Bond owners receive an annual statement listing bonds held, interest earned, and bond purchases and redemptions for the year. If the accumulated annual interest is equal to or greater than $50, a T5 receipt will be issued for income tax purposes. For more information, contact Customer Service.
Employee Record Keeping
Your employees can verify that the amount deducted from their pay has been credited to them by accessing their plan online to CSB Online Services, or by checking their pay slips. Bond owners can also receive an online year-end statement or check plan activity year round. Employees can always obtain information about their plan by calling Customer Service.
Employer Profile Update Site
Go to Update your Organization Profile to review and update information for your organization for the next campaign.
