Payroll Savings Program

General Questions

Who is eligible to participate in a CSB under the Payroll Savings Program?

Only Canadian residents may own a CSB. This also includes federal and provincial government employees, as well as armed forces personnel stationed outside the country and their immediate families.

Where can I find out about purchasing a CSB through my workplace?

Please ask your HR or payroll department if your organization offers the Payroll Savings Program.
Organizations interested in offering their employees this option can call Customer Service.

Can I buy a Canada Savings Bond and register it in someone else’s name?

Yes.

I am purchasing bonds for myself, my spouse and each of my two children. What happens if I change my contribution amount?

You can go to CSB Online Services to change your contribution amount directly on the site during the sales period. Since all your plans will be registered online, you will be able to modify the contribution amount for each plan.

Can I obtain bond certificates?

No. Bond certificates are not issued for the Payroll Savings Program.

How can I be sure that the amount deducted from my pay is correct?

You can easily verify that the amount deducted from your pay has been credited to you by going online to CSB Online Services, or by checking your pay slips.

You can also obtain information any time by calling Customer Service. Bond owners receive a year-end statement that shows the amount of their current bond holdings as well as all transactions made during the year.

Please note that your CSB contributions will be recorded as of the day the Bank of Canada receives your regular payroll contributions from your employer.

How can I check the status of my bonds or redeem them if I do not have Internet access?

You can call Customer Service and either use the automated service option or talk to a Customer Service representative for bond redemptions and enquiries about your plan. You’ll also receive an annual statement outlining your holdings.

Can I transfer my existing Compound-Interest CSB to The Canada RSP?

Yes, if you have an active existing Canada RSP plan. You can transfer all or part ($500 minimum per series) of your bonds to The Canada RSP, subject to your personal contribution limit and the limits prescribed by the Canada Revenue Agency. Simply call Customer Service to make arrangements.

When I redeem a bond, how long will it take for me to receive payment? How will I receive the payment?

You will receive payment within four business days for direct deposit, and seven to ten business days to receive payments issued by cheque.

How is interest earned on a CSB purchased through the Payroll Savings Program?

A CSB series purchased through the Payroll Savings Program accrues interest on a daily basis based on the outstanding closing balance for that series, until either maturity or redemption, at the interest rate determined by the Minister of Finance for that series and period. The principal amount upon which interest is calculated will change from time to time:

1. by the addition of regular payroll contributions amounts to the principal;
2. by the subtraction of redemption amounts from the principal.

For example, if an employee has $100 deducted from his/her monthly pay at the start of each month to contribute to a particular CSB series, the interest accrued during the first month will be based on $100, during the second month it will be based on $200, during the third month, etc., until the end of the year, if no redemptions are made.

Can I cancel my redemption request if I change my mind?

Transactions cannot be cancelled once they have been confirmed.

My CSB contributions do not correspond with my pay date – why not?

CSB contributions are recorded as of the day the Bank of Canada receives your regular payroll contributions from your employer.

How can I purchase a $1,000 bond?

There are no fixed denominations for bonds since no certificates are issued. To save $1,000 through the Payroll Savings Program, you will have to divide this amount by the number of your pay periods and round it up to the nearest dollar. This is how much you should contribute from each pay.

Manage Your Payroll Savings Plan

Who can use online access?

Customers of the Payroll Savings Program can access their plans online by going to CSB Online Services

When can I access my plan online?

You can access your plan online virtually any time except on Sundays, when access is only available from 8 a.m. Eastern Standard Time. Regular site maintenance takes place between midnight on Saturday and 8 a.m. on Sunday.

Is online access to my Canada Savings Bond safe?

Offering you the safest possible online access is our priority, so we have gone to great lengths to protect your confidentiality and security. Our secure server relies on innovative technology, including encryption, firewalls and timed log outs, to keep your personal and financial information private and safe.

For your part, it is essential that you ensure the safekeeping of the Client ID and password that give you access to your plan.

To protect your Client ID, password, personal and financial information, we employ state-of-the-art encryption technology, which is recognized as the most effective way to achieve data security. Consequently, your Internet browser must be compatible with 128-bit encryption in order to access the website.

Encryption is the process of scrambling data into an unreadable format that is more secure for transmission over the Internet. Very similar to secret code, encryption takes your data and uses complex mathematical equations called algorithms to scramble the information into an unreadable format called ciphertext. The ciphertext is impossible to read without having a key to unscramble the information to its original form.

What kind of password should I create to access my plan?

Your password format must have at least: eight to 16 characters, one lower case and one upper case letter and one number. Do not use any special characters ( *, /, &, ^, “), blank spaces or letters with accents.

What are Password Challenge Questions?

They are questions that allow you to access your account should you forget your current Password. You must choose three questions, provide appropriate answers, and ensure that only you know the answers to your questions.

How do I create Password Challenge Questions?

Follow the step-by-step instructions in the Employee How-to Guide.

What transactions can I perform online?

You can check the status of your holdings, including current balance and plan activity. You can also request redemptions and view your personal and tax information. During the sales period from early October to 1 November, you can contribute to a new plan or change contributions to an existing plan. Payroll Plan Owners can also check contribution transactions for plans that are in the name of any individual on whose behalf they make contributions.

How do I sign up to manage my payroll savings plan online?

Follow the step-by step instructions in the Employee How-to Guide.

What is a Plan Number?

Your Plan Number is a 10-digit number that starts with a “2” and is located on your annual CSB statement.

Where can I find my plan number?

You can find your plan number on your annual 31 December plan statement. You may also obtain your plan number by calling our toll-free Customer Service centre.

What is the My Plans section?

The My Plans section will be the first page you see every time you log in to your account. It allows you to view all existing plans and contribution changes made during the campaign.

What is the Organization ID?

The Organization ID (a five-digit number) is used to identify an employer when you go to CSB Online Services. All employees in your organization will use the same ORG ID number. Some Campaign Directors may need more than one Organization ID for multiple divisons.

What is the Client ID?

A Client ID is the ten-digit number you received after completing your online registration prior to September 2011. You can use this Client ID to access your account anytime.

After September 2011, you can personalize your Client ID. Your personalized Client ID should be a minimum of six characters, contain at least one letter, one number and no blank spaces or special characters and should not be identical to your password.

How do I create a personalized Client ID?

Follow the step-by step instructions in the Employee How-to Guide.

What if I forget my Client ID or password for online access to my plan?

Follow the step-by step instructions in the Employee How-to Guide.

Where do I obtain information on my Pay Office and Pay List? (For public sector employees paid by PWGSC only.)

Your Pay Office (P.O.) and Pay List (P/L) numbers are reported on your pay stub under the heading P.O. and P/L in the Statement of Earnings section. See an example of a pay stub here: http://publiservice.gc.ca/hr-rh/ebs-sase/s-t_e.html. Please refer to Fields 1 and 3 to locate the Pay Office and Pay List headings. (Note: The link can only be accessed through Publiservice, the primary Federal Government Intranet site.)

Can someone else redeem my bonds if I lose my password?

No. Only you know both the Client ID and password needed to access your plan. When you request a redemption, the payment is deposited directly into your bank account, or is issued by cheque in your name and sent to the address we have on file for you.

Can I have access to my spouse’s (partner’s, child’s) plan online?

If you are contributing to another individual’s plan, you will only be able to see the contribution transactions. You will have access to all transactions if you are a plan co-owner.

Can I change my contributions at the same time as I am checking my plan balance?

You can increase your regular contribution amount or start a new contribution during the period that the Canada Savings Bonds are available for payroll (i.e., in October).

Can I amend my contributions at any time?

You can make changes to your plan at any time during the payroll campaign period. Outside of the campaign period, you can stop, suspend or cancel your contributions at any time. However, your employer decides how often you may decrease your contributions between annual campaigns.

How do I know that the transaction is complete?

At the end of each online transaction, you will receive a confirmation number. You should print a copy for your records.

What is the confirmation number?

Payroll subscribers will get a confirmation number for every transaction they make. The confirmation number is unique to each transaction and confirms that the transaction instructions have been securely received by our system. Once employees have completed their transaction, they should print this number for their records.

How do I get online statements and T5s?

Follow the step-by step instructions in the Employee How-to Guide.

How do I change my mailing address?

Follow the step-by step instructions in the Employee How-to Guide.

What if I experience problems completing a transaction?

If you have any difficulties in completing a transaction online or have questions regarding Canada Savings Bonds, you can contact Customer Service.

Which Internet browsers are supported by CSB Online Services website?

CSB Online Services supports Microsoft Internet Explorer 6.0 – 8.0 and Firefox 3.6.10 – 4.0. Other browsers may also be supported but have not been tested with this site.

What actions should I take to protect my workstation and personal information?

Users are expected to follow common security practices to ensure that their workstation setup provides the maximum security protection currently available. It is extremely important that you also take precautions to ensure that your information remains safe and secure.