At your discretion employees may increase their contribution amount throughout the year. If you choose not to allow increases year round, employees can only increase contributions during the campaign on CSB Online Services. You must ensure that changes to your payroll system are made and that the payroll contribution file is sent to the Bank of Canada at each pay cycle.
Decreasing and Stopping Contributions
Employees may reduce or stop their payroll contributions at any time. During the October campaign, they may log in to their CSBOS account to make those changes; outside of campaign, they will need to notify you. They may redeem their funds or leave them in their Plan to continue to earn interest. Whenever an employee stops their contributions, it is important for you to remove the employee’s name and information from the payroll contribution file submitted to the Bank of Canada.
Payroll Plan Owners can redeem their funds at any time on CSB Online Services. An employee’s contribution amount will be held for 15 days from the date that the Bank of Canada receives the contribution amount.
If Direct Deposit information is already on file, the money will be deposited into the employee’s bank account within four business days. Employees with a Single Plan can sign up for Direct Deposit or change banking information on CSB Online Services. For Joint or Third Party Plans, employees must complete the Change of Address and Direct Deposit Form (COADD).
Suspensions and Resumptions
Employees may suspend their contributions at any time (e.g. maternity leave). Resumption of contributions can take place before any payroll period, according to the frequency designated by your organization. There is no penalty or fee, and their Plan balance continues to earn interest even while contributions are suspended. When an employee chooses to suspend contributions, you must ensure that the employee’s name and other information are removed from the payroll contribution file submitted to the Bank of Canada at each payroll cycle. Employees can track suspensions and resumptions by checking their pay stubs, their annual statement, or their Plan Activity by logging in to their CSBOS account. Keeping a record of suspended contributions ensures that they can be resumed when desired.
When participating employees leave your organization, it is important for you to ensure that the employee’s name and information are removed from the payroll contribution file submitted to the Bank of Canada. Departing employees may have their Plan transferred to a new employer if that organization is a CSB Payroll Savings Program sponsor. Employees will need to ensure that their new employer contacts Customer Service to complete the transfer and provide the following information: Organization Name and ID (five-digit number), first and last name of the employee, and the name of the former employer. In the case where an employee joins a new organization that is not a Program sponsor, the employee can call Customer Service for more information.
Contribution Changes and Multiple Accounts
During the October campaign, any changes to multiple accounts can be made online. After 1 November, employees contributing to more than one plan who wish to change their contribution amount can contact Customer Service. This will allow us to allocate the new amounts for each plan. Also, employees wishing to close one of their plans must contact Customer Service to adjust their contribution to remaining plans.
Statements and T5s
For Payroll Plan Owners with Single Plans and an active CSBOS account, an email notice will be sent to the email address on record informing them that their electronic statements are ready and are accessible by logging in to CSB Online Services. For all other Payroll Plan Owners, statements will be mailed to the address on record. The annual statement lists bonds held, interest earned, contribution amounts and redemptions for the year. If the accumulated annual interest is equal to $50 or more, a T5 slip will be issued for income tax purposes.
Employee Record Keeping
Employees can verify that the amount deducted from their pay has been credited to them by accessing their plan online at CSB Online Services, or by checking their pay slips. Plan owners can also sign up for Direct Deposit, check plan activity, change their address, update their plan or other account details by going to CSB Online Services year round.