Canada Payroll Savings Program

In March 2017, the Government of Canada announced it was ending the sale of Canada Savings Bonds (CSBs) purchased through the Payroll Savings Program as of November 2017.

What this means if you are enrolled in the Program:

• Your CSB contributions ended with Memorial’s last payday with a Canada Savings Bond deduction (Oct. 26, 2017).

• The funds in your Payroll Savings Plan are safe, guaranteed and will continue to earn interest until redemption or maturity, whichever comes first. 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.

• 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.

• It is important that you go to CSB Online Services to validate your mailing address or sign up for direct deposit to ensure you receive your payment.

• Once all the bond series in your Plan have been redeemed or paid out, your Plan will be closed.

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