Why should your company offer the Payroll Savings Program?
Next Steps
Joining the Payroll Savings Program is easy!
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Confirm your transmission method for sending purchase data to the Bank of Canada |
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Complete an "Employer Sponsorship Form" |
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Conduct a marketing campaign to maximize employee participation |
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Collect and return completed applications |
Offer this valuable benefit to your employees today!
To request a sponsor's kit call 1 888 467-5999 (Monday to Friday, 8 am to 6 pm, Eastern Time)
Frequently asked questions
Q Once on the Program, how does my organization remit employee's deductions?
At each pay cycle, your organization transmits an electronic data file to the Bank of Canada either directly or through your payroll service provider. The electronic file contains employee purchase information (e.g. name, SIN, pay date and the amount to be deducted). On receipt of your electronic file at each pay cycle, the Bank of Canada collects payment from your organization, or from your payroll service provider, for the total of all purchases. The employee's contributions are then credited toward the purchase of bonds in their respective Plans.
Q How can employees be sure that the amount deducted from their pay is correct?
Your employees can quickly and easily verify that the amount deducted from their pay has been credited to them as instructed by using secure online access to their Plan, or by checking their pay slips. Bondowners receive a year-end statement that shows the amount of their current bond holdings as well as all transactions. In addition, employees can obtain information about their Plan by calling 1 877 899-3599 (Monday to Friday, 8 am to 8 pm, Eastern Time).
Q How can employees without Internet access check the status of their bonds or redeem them?
Employees can call 1 877 899-3599 and either use the automated service option for redemptions or talk to a Customer Service Representative about their Plan.
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Offer this valuable benefit to your employees today!
For more information please call 1 888 467-5999 (Mon to Fri, 8 am to 6 pm, ET)
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