Campaign Directors of the Federal Public Service
Helping your employees realize their goals and dreams begins with the Payroll Savings Program.
THE PAYROLL SAVINGS PROGRAM
The Payroll Savings Program allows employees to save conveniently and
benefit from the competitive returns of the Canada Savings Bond (CSB).
The Program offers key benefits to you, the employer, and to your
employees. CSBs are fully backed by the Government of Canada and are
also available with an RRSP option.
THE CHOICE OF CANADIANS
Last year, nearly one million Canadians chose the Payroll Savings
Program as their favourite way to save for a vacation, a down payment on
a house, a car or even retirement.
THE CHOICE OF CANADIAN ORGANIZATIONS
Over 12,000 organizations recognize the Program as a safe, flexible and
competitive savings option for their employees. Many employers also see
it as a perfect complement to their current benefits package.
CELEBRATING 60 YEARS OF SAVING
This year is the 60th anniversary of Canada Savings Bonds and the
Payroll Savings Program. CSBs were introduced after the Second World War
from Victory Bonds – which helped finance Canada’s war efforts – to
encourage Canadians to continue their savings habits. A dollar here and
there for the war effort became part of the family budget, and the
tradition of buying bonds continues today.
WHY EMPLOYERS LIKE THE PROGRAM
Flexibility: The Payroll Savings Program enables you to set up
payroll deduction schedules to correspond with your unique payroll
timetable.
RRSP Option: At your discretion, you may offer your employees
the tax-sheltered growth opportunity to help them save for their
retirement. Their contributions held in The Canada RSP will grow
steadily thanks to fully backed returns, no fees, compound interest and
tax-sheltered status.
One-Time Sign-Up: Employees sign up only once, which means that
during subsequent annual CSB sales periods you only need to process
applications from new participants, or those who want to purchase
additional bonds, for example as gifts.
Support: The Payroll Savings Program is easy to
administer and we will provide you with everything you need to announce,
promote and administer it. And, help is always just a phone call away.
Resources: Extensive resources for employers and employees are
available on our Web site. Specific questions can be answered by calling
our toll-free support lines.
Changes: Employees can stop or suspend their purchases at any
time; you can decide how often they may make other changes. Once a year,
during the sales campaign, employees can increase their purchase amounts
or start new Plans.
Redemptions: Employers are not involved in the redemption
process. Employees directly access their savings securely online at www.mybonds.gc.ca, or by calling a toll-free number.
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