DISCONTINUATION: Canada Savings Bonds Payroll Savings Program
The Government of Canada announced it will discontinue the sale of Canada Savings Bonds (CSBs) purchased through the Payroll Savings Program as of November 2017. Also at this time, the option to contribute additional funds from your bonds into your Canada Retirement Savings Plan (RSP) will no longer be available.
The funds in your Payroll Savings Plan are safe, guaranteed and will continue to earn interest until redemption or maturity, whichever comes first. Bonds in your Canada RSP are also safe, guaranteed and will continue to be reinvested until November 1 or December 1, 2021, depending on the maturity date of the bond series you own.
What this means if you are currently enrolled in the Savings Program
- As each bond series in your Plan matures, the funds (principal and interest) associated with that series will automatically be paid out to you by cheque or direct deposit, according to the account information currently on file.
- IMPORTANT: Go to CSB Online Services to validate your mailing address or sign up for direct deposit to ensure you receive your payment.
- Your CSB contributions will continue to be deducted from your pay and will go towards your Payroll Savings Plan. The last contributions will be deducted from the October 27th, 2017 payroll.
- If you wish to make a redemption prior to the maturity date, you can do so at any time on CSB Online Services or by using the automated telephone service.
- Once all the bond series in your Plan have been redeemed or paid out, your Plan will be closed.
What this means if you have bonds in the Canada RSP
- After the maturity date, all bonds in the Canada RSP will have matured and will no longer be reinvested or earn interest.
- IMPORTANT: Ensure your mailing address is up-to-date in order to receive communications and statements regarding your Canada RSP Plans. If your mailing address has changed, complete and return the COADD form.
More Information
- For more information on Canada Savings Bonds, please visit csb.gc.ca.
- For more information on the Canada RSP please visit the FAQs or the Canada RSP section of the CSB site.