Canada Savings Bond Payroll Savings Program

Under the CSB Payroll Savings Program
Annual Enrolment and Change Period
Enrolling in the Payroll Savings Program for the First Time
If You Are Already Enrolled in the Payroll Savings Program
Other Important Information
Information Always Available

The Payroll Savings Program to purchase Canada Savings Bonds is offered to Government of Alberta employees each year. This Government of Canada payroll savings plan provided through the Bank of Canada is a flexible and convenient way of saving through payroll deductions.

The annual open enrolment period is in the fall. If you are not enrolled and wish to participate, or if you are currently enrolled and want to make changes, you would submit the relevant completed form(s) during the open enrolment period.

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Under the CSB Payroll Savings Program

  • You may participate if you are employed by the Government of Alberta in a salaried position.

  • You only need to register once and the amount you specify to purchase bonds will come off each paycheque until you make a change. (Restrictions apply, see Annual Enrolment and Change Period section below.)

  • You can redeem some or all of your bond savings anytime directly through the Secure Online Access at www.mybonds.gc.ca or by calling the Bank of Canada Customer Service toll-free telephone number. (Some restrictions apply.)

  • You earn interest on your bond savings each year at the one year Canada Savings Bond interest rate declared by the Bank of Canada every fall.

  • Your investment in Canada Savings Bonds does not require the pre-selection of a particular denomination of bonds. You can invest as much as you would like although the minimum investment is $4.00 per bi-weekly paycheque.

  • You will receive an annual statement outlining your contributions and earnings. In addition, Secure Online Access is available at www.mybonds.gc.ca which provides an easy and secure way to check the status of your bonds.

  • You may request a Bond Owner Receipt and/or Special Gift card from the Bank of Canada.

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Annual Enrolment and Change Period

  • Enroll in the Payroll Savings Program if not already a participant.

  • Enroll others to participate if they are not already designated as owners/co-owners.

  • If already enrolled, increase or decrease your deduction or cancel your participation.

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Enrolling in the Payroll Savings Program for the First Time

  • Pick up an application form for the Canada Savings Bonds in your work area or obtain one by contacting your Ministry payroll office.

  • You may choose to be the sole owner of the bond.

  • You may designate another person to be a co-owner of the bond along with yourself – also complete Section 2 of the application form.

  • You may buy the bond for another person to own – also complete Section 2 of the application form. If you are buying a bond for more than one person, a separate application is required for each bond owner.

  • The application submission deadline for participation in this program is set each year in the fall and the completed form(s) are returned to your payroll office.

  • When the time comes to redeem all or part of the funds in your payroll savings account, the Bank of Canada requires that they be deposited directly to your bank account; so a blank cheque marked void would need to be attached to your application.

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If You Are Already Enrolled in the Payroll Savings Program

  • If you want your enrolment and pay deductions for the program to continue unchanged, you will not have to do anything.

  • If you wish to change the amount of your pay deduction, you will need to submit a completed Payroll Deduction Change Form to your payroll office.

  • If you are purchasing bonds for others as well as yourself and you wish to change the total purchase amount, the Bank of Canada will automatically pro-rate the new deduction across each of the bonds, unless you provide them with different instructions.

  • If you wish to designate another person as a co-owner of a new bond, or wish to buy bonds for others for the first time, you will need to complete Section 2 of each application form. You will also need to complete a separate application form for each bond owner.

  • If you wish to cancel participation, you will need to contact your payroll office.

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Other Important Information

  • The Bank of Canada allows each participating Employer in the program to establish rules regarding employee participation, enrolment and when changes can occur. The current rules provide that the open enrolment period is the only time during the year an employee may enroll or increase their deduction amount under the Payroll Savings Program. However, upon written notice, employees may cancel or reduce deductions at any time.

  • All new commencements or changes received within the designated open enrolment period would be effective in December of that year.

  • The RRSP Option in the Payroll Savings Program is not being offered by the Alberta Government to its employees.

  • Employees who are terminating from the GOA may have their Canada Savings Bonds transferred to a new employer if the individual is joining an organization that already participates in the program, or they can redeem the bonds or leave them to continue earning interest in the Plan.

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Information Always Available

  • You may obtain additional information about the Payroll Savings Program including how to complete forms, redeem bond funds and enquire about your own bond savings account, by calling the Customer Service toll free line at 1-877-899-3599 – Monday to Friday – 6:00 a.m. to 6:00 p.m. Mountain Standard Time.

  • Request forms and inquire about payroll deductions – contact the payroll personnel that serves your ministry.

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Last Review / Update: 2009-09-22

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