Frequently Asked Questions
Payroll Savings Program
Q: Who is eligible to own the CSB under the Payroll Savings Program?
Only Canadian residents may own a CSB. Federal and provincial government employees, including armed forces personnel, and their immediate family stationed outside the country may also purchase the CSB.
Q: Can I buy a Canada Savings Bond and register it in someone else's name?
Yes – as indicated in Section 2 of the CSB Payroll Application Form, you may choose to add the name of the co-owner/owner of the bonds.
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Q: I am purchasing bonds for myself, my spouse and each of my two children. What happens if I change my deduction amount?
You must tell us how much you would like to re-direct to each Plan. However, if you don’t relay this information directly to Customer Service at 1 877 899-3599, Monday to Friday, 8 am to 8 pm, Eastern Time, then the new deduction amount will automatically be pro-rated across each of the Plans. For example, if your current deduction amount is $100 with each Plan receiving $25, and you change the deduction amount to $80, then each Plan will now receive $20.
If your organization is participating in E-Campaign, you can change your deduction amount directly on the E-Campaign site during the sales period as all of the plans to which you are contributing will be reported on the E-Campaign site and you will be able to modify the contribution amount for each Plan.
Q: Can I obtain bond certificates?
No - Bond certificates are not issued. Bondowners will receive an annual statement and can access their Plan online at www.mybonds.gc.ca.
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Q: 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 accessing your Plan online at www.mybonds.gc.ca, or by checking your pay slips. You can also obtain information about your Plan by calling 1 877 899-3599, Monday to Friday, 8 am to 8 pm, Eastern Time. Bondowners 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 purchases will be recorded as of the day the Bank of Canada receives your regular payroll deductions from your employer.
Q: How can I check the status of my bonds or redeem them if I do not have Internet access?
You can call toll-free 1 877 899-3599, Monday to Friday, 8 am to 8 pm, Eastern Time and either use the automated service option or talk to a Customer Service Representative for redemptions and enquiries about your Plan. All bondowners receive an annual statement outlining their holdings.
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Q: What is the RRSP option?
The RRSP option allows you to purchase the CSB directly in The Canada RSP – a no-fee Plan created when you select the RRSP option during any sales campaign. RRSP contributions are tax deductible and grow tax-deferred while held in the RRSP.
You may also open The Canada RSP at any time of the year if you wish to transfer your existing compound interest CSB to The Canada RSP. You simply need to call 1 877 899-3599,, Monday to Friday, 8 am to 8 pm, Eastern Time, to make arrangements at no charge to you! The minimum contribution of an existing CSB to The Canada RSP is $500 per series.
Q: What is The Canada RSP?
The Canada RSP is the no-fee Registered Retirement Savings Plan (RRSP) designed to hold compound interest Canada Savings Bonds as investments. The Canada RSP is created when you choose the RRSP option.
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Q: Can I contribute directly to The Canada RSP?
Yes you can, by choosing the RRSP option (i.e. The Canada RSP) when purchasing the CSB during any sales campaign. The minimum purchase within The Canada RSP is $10 per weekly pay, $20 per bi-weekly pay, or $40 per monthly pay. RRSP contributions are subject to the annual personal contribution limit as defined by the Income Tax Act (Canada).
Q: Can I transfer my existing compound interest CSB to The Canada RSP?
Yes, 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 1 877 899-3599, Monday to Friday, 8 am to 8 pm, Eastern Time to make arrangements at no charge to you!
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Q: Is it possible to contribute on behalf of a spouse to The Canada RSP?
Yes, you may open The Canada RSP for your spouse with you as the contributor (i.e. spousal Plan). With a spousal Plan, you, as the contributor, can claim the tax deduction. The owner of the RRSP is your spouse. This option is not available if your organization is participating in E-Campaign.
Q: Who can use online access?
Customers of the Payroll Savings Program can access their Plans online at www.mybonds.gc.ca. This service is not available for bonds that have certificates, bonds purchased through investment dealers or bonds held in The Canada RSP and The Canada RIF.
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Q: Can I have access to my spouse's (partner's, child's) Plan through the web?
If you are contributing to another individual's Plan, you will only be able to see the purchase transactions. You will have access to all transactions if you are the co-owner of the Plan.
Q: What transactions can I perform online?
If you own a CSB purchased through the Payroll Savings Program, you can check the status of your holdings including current balance and Plan activity as well as your personal and tax information. Bondowners can also request redemptions. Purchasers can check purchase transactions for Plans in another individual’s name for whom they contribute.
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Q: Why can't I use this service to find out the status of my bonds purchased through a bank?
We are introducing access to bonds purchased through the Payroll Savings Program as a pilot. Expanded access to bonds purchased through other channels is under consideration for the future.
Q: How do I register for secure online access at www.mybonds.gc.ca?
It's easy. You will need to provide your Plan number and other information such as your date of birth, last purchase amount or bank account information. If the information you give us matches with what we have on file, then you will set your password and a unique Client ID will be generated for you. You will only require your password and Client ID for all of your subsequent visits. If you participated in E-Campaign in any year since 2003, you must use your Client ID and password established upon completing your transaction.
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Q: What if I forget my Client ID or password for online access to my Plan?
You can re-register directly online at www.mybonds.gc.ca. You will need to provide your plan number and other information such as your date of birth, last purchase amount or bank account information. If the information you give us matches with what we have on file, then, your Client ID will be provided to you. Alternatively, you may call toll-free 1 866 565-8405, Monday to Friday, 8 am to 8 pm, Eastern Time and speak to a Customer Service Representative. After confirming your identity, your Client ID will be revealed.
Q: When can I access my Plan online?
You can access your Plan online virtually anytime except on Sundays, when access is only available from 8 am Eastern Time. Regular site maintenance takes place between midnight on Saturday and 8 am on Sunday.
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Q: Can I buy online at the same time as I am checking my Plan balance?
You can increase your regular deduction amount or start a new purchase during the time that the bonds are on sale for payroll through E-Campaign (i.e. in October, if your employer is a participant in E-Campaign). You can access the E-Campaign site at www.e-campaign.csb.gc.ca. Alternatively, you can purchase bonds for cash through our other secure Web site at www.csbonline.csb.gc.ca between early October and April 1.
Q: My CSB purchase does not correspond with my pay date?
CSB purchases are recorded as of the day the Bank of Canada receives your regular payroll deductions from your employer.
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Q: 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.
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