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Ottawa, September 2, 2004
2004-045

Department of Finance Looks at Updating the Canada Savings Bonds Program

• Departmental Response.
• Review of Canada Savings Bonds.

Minister of Finance Ralph Goodale announced today that the Government is reviewing all aspects of its Retail Debt Program, commonly known as the Canada Savings Bonds Program, which includes two products, Canada Savings Bonds and Canada Premium Bonds, sold to individual Canadians.

"We are assessing the Retail Debt Program in the context of a much-improved fiscal situation and a broader array of investment opportunities for Canadians," Minister Goodale said. "The option of eliminating the Canada Savings Bonds Program is not on the table as part of this review. We are looking to update and improve our retail debt strategy, not to end Canada Savings Bonds."

As part of the review, the consulting firm Cap Gemini Ernst & Young was hired to assess the performance of the program and make recommendations on strategic options for the future. The Department of Finance is releasing this report today.

"The Cap Gemini Ernst & Young report is one element of the overall review of the Retail Debt Program," Minister Goodale said. "My officials are assessing the report’s conclusions, as well as the views of Canadians on updating the Canada Savings Bonds Program."

The Minister added: "I want to make it very clear that there are no changes being made to the Canada Savings Bonds Program at this time. This year’s series of bonds will go on sale in the fall, and there is no change to the services being provided to existing Canada Savings Bond and Canada Premium Bond holders."

The Department of Finance’s response to the report is attached. A copy of the Cap Gemini Ernst & Young report can be found on the Department of Finance Web site at www.fin.gc.ca/activty/CGEY-e.html.

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