How to Redeem

Payroll Plan Owners

Canada Savings Bonds (CSBs) purchased through the Payroll Savings Program can be redeemed at any time by selecting CSB Online Services.

• Funds will be deposited within four business days if you are set up for Direct Deposit, or seven to ten business days if a cheque is mailed. If funds are held in a Joint Plan, a cheque will be issued in both Plan owners names, or funds can be deposited directly in a bank account , but only if the bank account is held in both owners names.
• If you have a Single Plan, you may enroll in Direct Deposit or change the banking information online at CSB Online Services.
• If you have a Joint and Third Party Plan, you may enroll in Direct Deposit or change the banking information by completing the Change of Address and Direct Deposit (COADD) Form.
• Your most recent payroll contributions will be held for 15 days from the date the Bank of Canada receives your deduction from your employer.

Certificated Bond Purchasers & Registered Plan Holders

• CPBs
  Certificated Canada Premium Bonds can be cashed at any time at most financial institutions in Canada. Note that if CPBs are redeemed prior to the anniversary date of issue, interest earned from the last anniversary date up to the date of redemption will be forfeited, and only interest earned up to the last anniversary date of issue will be paid out.

• CSBs
  Outstanding certificated Canada Savings Bonds can be cashed at any time at most financial institutions in Canada. You will receive the full face value plus all applicable interest earned for each full month elapsed since the issue date.

• The Canada RSP/RIF
  To redeem a CPB or CSB held within The Canada RSP or The Canada RIF, contact Customer Service by phone or contact the Trustee in writing.