Payroll Service Provider
You must configure your payroll system with your Payroll Service Provider by:
1. Completing the Employer Sponsorship Form
This information is necessary to register your organization as a participant in the Payroll Savings Program. Employer Sponsorship Form (SPONS)
2. Preparing the Electronic Data Transmission System
Once the Sponsorship Form has been completed and returned, please ensure that your payroll department contacts your Payroll Service Provider to officially request the electronic transmission of employees’ deductions to the Bank of Canada. Otherwise, employee deductions will be withheld without being transferred to the Bank of Canada and will not be credited to their Savings Plans. This request must be made before 31 October.
3. Sending Organization ID
Please remember to give your payroll department your organization’s five-digit Organization ID (Org ID), which the Bank of Canada will send you after receiving your completed Employer Sponsorship Form. Your Payroll Service Provider must include this code with each data transmission to the Bank of Canada to clearly identify your organization. The Bank of Canada cannot process a file with an incorrect or missing Organization ID.
4. Sending Electronic Files to the Bank of Canada
At each pay period, your Payroll Service Provider sends an electronic file to the Bank of Canada. The file contains the details of all your employees’ purchase information (e.g., name, SIN, effective pay date, and amount to be deducted) as well as the total amount of purchases. The information provided here is protected under the provisions of the Privacy Act and will be used only for the purposes for which it was collected. For more information, please visit our Privacy Policy.
5. Remitting Employee Purchases to the Bank of Canada
Once the file has been received and validated, the Bank of Canada will complete an pre-authorized debit from your organization’s bank account (or the account of your Payroll Service Provider) in the amount of the total of your employee bond purchases. Each employee’s purchase amounts will be credited toward the purchase of their bonds and their plans will be updated accordingly.
6. Confirming a Successful Electronic Transmission
The Bank of Canada sends you confirmation twice:
- Confirmation that data sent by your Payroll Service Provider has been processed. Please tell your Payroll Service Provider to include your email address or fax number in each file.
- Confirmation that your corporate bank account will be debited for the total amount of purchases indicated in the file. You will only receive this confirmation in the case of automatic withdrawals from your organization’s bank account (not the account of your Payroll Service Provider). If this is the case, add your email address or fax number on the Sponsorship Form. For more information, please contact Customer Service .
7. Modifications Between Pay Periods
Make sure that your payroll department informs your Payroll Service Provider of any subscription suspension, resumption, cancellation, or modification made between two pay periods before the next pay period. Don’t forget that you can determine the frequency of modifications throughout the year.
8. Merging with Another Organization and/or Change of Payroll Service Provider
If your organization merges with another, changes Payroll Service Provider, or decides to use a private payroll system, please call Customer Service and we’ll make the necessary adjustments.
