Proprietary Payroll System
If your organization is large or medium-sized and you have a Proprietary Payroll System.
Transmitting information to the Bank of Canada
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. Sending Organization ID
It’s important to give your payroll department your organization’s five-digit Organization ID (Org ID), which the Bank of Canada will send to you after receiving your completed Employer Sponsorship Form. This code must be included in each transmission to the Bank of Canada. The Bank of Canada CANNOT process a file with an incorrect or missing Organization ID.
3. Setting Up Automatic Transmissions
Please refer to the Technical Specifications Guide to set up automatic transmissions.
4. Ensuring Successful Testing Before the First Transmission
Both the file format and the system for its electronic communication to the Bank of Canada must be set up and successfully tested before your first transmission can be received and processed by the Bank of Canada. Testing must be completed no later than 31 October.
5. Sending Electronic Files to the Bank of Canada
Once these instructions are implemented, your payroll system will be capable of sending an electronic file to the Bank of Canada at each pay cycle. 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 see our Privacy Policy.
Important!
Ensure your payroll department is aware of the technical specifications. If we can assist you further, please call Customer Service.
6. Remitting Employee Purchases to the Bank of Canada
Upon receipt of the file and confirmation of its validity, the Bank of Canada will complete an pre-authorized debit from your organization’s bank account in the amount of the total of your employees’ bond purchases. Each employee’s purchase amounts will be credited toward the purchase of their bonds and their plans will be updated accordingly.
7. Confirming a Successful Electronic Transmission
The Bank of Canada sends three types of confirmation:
- Notice that the file was received or rejected;
- Notice that the payroll batch(es) contained in the file can be processed or have been rejected;
- Confirmation that your corporate bank account will be debited for the total purchase amount indicated in the file or in the payroll batch(es).
To make sure you receive the first two notices (1 and 2) and that they are sent to the proper person, provide the contact information to your IT staff. They will need to review the Technical Specifications booklet to enter the information accordingly. To receive confirmation of payment via the debit of your bank account (3), provide us with the appropriate email address or fax number in the completed Sponsorship Form.
8. Modifications Between Pay Periods
If any subscription suspensions, resumptions, cancellations, or modifications are made between two pay periods, your payroll department needs to be advised before the next pay period. Remember you are free to determine the frequency of modifications throughout the year.
9. Merging with Another Organization and/or Changing Your Payroll System
If your organization merges with another, decides to use an external Payroll Service Provider, or changes its payroll system, please call Customer Service immediately so we can make the necessary adjustments.
