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Canada Savings Bonds

What is the Payroll Saving Program?

The Government of Canada Payroll Savings Program, provided through the Bank of Canada, is a flexible and convenient way of saving. Employees are offered the opportunity to purchase bonds through payroll deductions.

Government of Yukon indeterminate, term and seasonal employees each year.

Enrollment takes place once per year, normally in the fall. Employees who are not enrolled, or are currently enrolled and want to make changes, can submit any relevant documentation during the annual enrolment period.

• You only need to register once and the amount you specify to purchase bonds will be deducted every pay or until you make a change. Restrictions do apply (see Annual Enrollment and Change Period below).
• Some or all of your bond savings can be redeemed anytime directly through the secure online access at Canada Savings Bonds or by calling the Bank of Canada Customer Service (contact information below). Some restrictions do apply; minimum withdrawl is  $100.00.
• Redemption of bonds can only be done through direct deposit into your bank account, attach a void cheque to your application form.
• Interest is earned on bond savings each year, in the fall at the one-year Canada Savings Bond interest rate declared by the Bank of Canada.
• You will receive an annual statement outlining your contributions and earnings at year-end.
• The Canada Savings Bond website provides an easy and secure way to check the status of your bonds or plan balance (you will need your plan number which will be on your first statement) or you may also phone the Bank of Canada Customer Service line.
• You may request a Bond Owner Receipt and/or Special Gift card from the Bank of Canada.
• Once the deduction is set up it will continue each pay until you request a change or cancel participation.
• You cannot increase the amount of your deduction until the beginning of the next campaign.
• The minimum amount you may have deducted per pay cheque is $4.00.

• The only opportunity to enroll in the Payroll Savings Program
• Enroll in the Payroll Savings Program if not already a participant
• Enroll others to participate if they are not already designated as owners/co-owners
• If already enrolled, increase or decrease your monthly deduction or cancel your participation

• The opportunity to enroll in the Canada Savings Bonds takes place once per year and is normally done in the fall.
• An application form for the Canada Savings Bonds must be completed. You can obtain one during the Annual Enrolment campaign.  Instructions will be provided to employees during the campaign.
• Application forms are also available from the Canada Savings Bond website.
• You may choose to be the sole owner of the bond.
• You may designate another person to be a co-owner of the bond – in this case you would also complete Section 2 of the application form.
• You may buy the bond for another person to own – also complete Section 2 of the application form.
• If you are buying a bond for more than one person, a separate application is required for each bond owner.
• The application submission deadline for participation in this program is set each year in the fall and the completed form(s) are returned to Employee Compensation in the Public Service Commission.
• When the time comes to redeem all or part of the funds in your payroll savings account, the Bank of Canada requires that they be deposited directly to your bank account; a blank cheque marked void would need to be attached to your application.

• If you want your enrollment and pay deductions for the program to continue unchanged, you will not have to do anything.
• To change the amount of your pay deduction, you will need to submit a completed Payroll Deduction Change Form  located on the second page of the CSB pamphlet and submit it to Employee Compensation in the Public Service Commission. The change form can also be found through the Canada Savings Bond website [452 KB ]
• To purchasing bonds for others as well as yourself and you wish to change the total purchase amount, the Bank of Canada will automatically pro-rate the new deduction across each of the bonds, unless you provide them with different instructions.
• To designate another person as a co-owner of a new bond, or to buy bonds for others for the first time, you will need to complete Section 2 of each application form. A separate application form for each bond owner is required. 
• To cancel your Payroll Deduction, notify Employee Compensation.

• The Bank of Canada allows each participating Employer in the program to establish rules regarding employee participation, enrolment and when changes can occur.
• Current rules are that the open enrolment period is the only time during the year an employee may enroll or increase their monthly deduction amount . However, upon written notice, employees may cancel or reduce deductions at any time.
• The RRSP option in the Payroll Savings Program is not being offered by the Government of Yukon to its employees.
• All new commencements or changes received within the designated open enrolment period would be effective in December of that year.
• If you leave the Government of Yukon, you can continue to make contributions by debit from your personal bank account, transfer your plan to a new employer (provided they are a Payroll Program sponsor), redeem the bonds, or leave them to continue earning interest in the Plan.

• Last Updated: 4/28/2009 |
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