What is the Canada Payroll Savings Plan?
A new series of Canada Savings Bonds go on sale in October 2016 and once again, we are pleased to offer the Payroll Savings Program to all Permanent GNWT employees. This will provide the opportunity to save easily and securely through automatic payroll deductions. If you currently have a Payroll Deduction for a CPSP and you do not want to make any changes to this CPSP, then you do not have to do anything. The CPSP deductions will continue from one (CPSP) Campaign to the next.
Who can participate?
All permanent employees of GNWT departments, Boards and Agencies are able to participate in the Canada Payroll Savings Plan.
How do I enroll in the CPSP?
The 2016 campaign for the Canada Payroll Savings Plan commences on October 3, 2016 to November 1, 2016. At that time you can access the website by going to www.csb.gc.ca select "employees" and follow the steps to set up a new CPSP.
If you are interested in the CPSP or if you currently have a CPSP we suggest that you take a few minutes to review the Employee How-To Guide for Online Purchases. You can view this now by going to csb.gc.ca select employees. You can also print the Guide off and keep for your reference. As this is fairly new for our organization we welcome your comments or Inquiries at the firstname.lastname@example.org. All concerns will be addressed.
What are the advantages?
The Canada Payroll Savings Program is very flexible and includes a Customer Service hotline for employees. Saving is an important part of planning for the future, and the Payroll Savings Program is one of the simplest and most effective methods available to help you reach your goals.
Your Canada Savings Bond purchase amount is deducted each pay period and is credited to your savings plan, which begins earning interest immediately.
Can I take my money out?
Redemptions can be arranged easily by calling the Canada Payroll Savings Plan Customer Service at
1-877-899-3599. Or you can redeem you CSBs online by going to www.csb.gc.ca/employee.
How do I begin my savings plan?
Follow these steps in order to participate in the Canada Savings Program:
Decide how much you want to contribute per pay. Deductions will be made automatically from every pay period, starting December 2, 2016 pay and continuing from campaign to campaign. The campaign requires that the first deduction occur in December of the new campaign. Increasing amounts and cancellations from the plan are outlined in this information sheet.
Complete the Purchase Bonds section online or the Change Purchase(s) section. The Change Purchase(s) would be for anyone who currently has a Payroll Deduction for the CPSP, and this is where you could Increase or Decrease the amount of your deductions.
Supply the Social Insurance Number and home address of every bondholder for whom you are making contributions, in compliance with the income tax legislation.
You must have access to a PC to make changes to an existing CSB or to PURCHASE A NEW CSB. Paper forms have been eliminated. If you do not have access to a Computer then you should contact your Financial Institution to see if you can arrange to purchase CSB’s through them.
Call Customer Service at 1-877-899-3599 for expert answers to any questions you may have.
Enjoy the security, ease, built-in-discipline and flexibility of reaching your savings goals through the Payroll Savings Plan.
When do I go online to sign up or make changes to my CPSP?
An e-mail messenger will be sent out to GNWT employees in September to advise that the site will be available on October 3, 2016. Employees should make note of this date. As soon as the site is available in early October, employees can then go online and sign up for the CPSP or make changes to their existing CPSP. You will require the GNWT’s Organization ID Number and it is 12862. Please remember that if you have a CPSP and you do not want to make any changes, then you do not have to go online and do anything. The CPSP will automatically continue from Campaign to Campaign. You must have access to a PC to enrol in the CPSP as the Electronic enrolments have entirely eliminated the use of paper forms. If you require more information regarding the CPSP you can contact your local Human Resource Service Centre, or the Payroll office, located on the 2nd floor of the Laing Building in Yellowknife.
This year the CPSP fall campaign commences on October 3, 2016 to November 1, 2016. During this period you will be able to enroll into a new CPSP or make changes to an existing CPSP. You can do this by signing onto www.csb.gc.ca/ select employees and buy or change my Payroll Savings Plan.
Note: Paper applications are no longer available as the electronic enrolments have entirely eliminated the use of paper forms. Employees will register, purchase, and update their contributions to CSB’s online. The Bank of Canada has developed the Employee How To Guide, a tool that will help and encourage employees to register online. It is designed for all types of CSB purchasers and contains step-by-step instructions to help register with ease and confidence.
When can I enroll in the savings plan?
You can enroll in the Payroll Savings Program only at the beginning of each plan each year, which is in October of each year.
Can I cancel my savings plan?
If you want to cancel your deductions for your CPSP you will need to submit a written request (e-mails will be accepted) to the email@example.com. Please ensure you include your Name and employee ID number in your request to cancel your bonds.
I'm terminating my position - what happens to my plan?
Terminating employees have four options:
You can continue to hold the plan with no future contributions.
You can close the plan and have the balance deposited to your personal bank account or sent by cheque.
You can continue to contribute to the plan by calling Customer Service at 1-877-899-3599 and arranging with the Bank of Canada to have your contributions debited from your personal bank account.
The plan can be transferred to a new employer if the individual is joining an organization, which is a Canada Payroll Savings sponsor.
Can I make cash withdrawals?
You may contact the Bank of Canada to have the redemption payment deposited directly into your personal bank account. If the owner is not the purchaser, or when bonds are owned by more than one person, payments are made by cheque. A cheque is also issued to those employees who did not arrange for direct deposit by providing a void cheque at signup time.
Visit the Bank of Canada at www.mybonds.gc.ca
Where can I get more information?
Visit www.csb.gc.ca/ for a detailed description on the Canada Savings Plan
For further information, send your inquiry to firstname.lastname@example.org