The Government of Canada recently announced it will discontinue the sale of Canada Savings Bonds (CSBs) and Canada Premium Bonds (CPBs) as of November 2017.
- All participants either will or should have received formal written communication from the CSB Payroll Savings Program announcing the program changes.
- Employees currently enrolled in the program will continue to have their contributions deducted from their pay and deposited into their Plan until October 31, 2017.
- The funds in employees’ Payroll Savings Plan are safe, guaranteed and will be honoured. Bond series in plans will continue to earn interest until redemption or maturity, whichever comes first.
- Employees will continue to have access to their funds 24/7 through CSB Online Services. If you wish to make a redemption prior to the maturity date, you can do so online 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 your account information.
- After all the bond series in your plan have been redeemed or paid out, your plan will be closed.
- There will be no change to employees who contribute to a Canada RSP Plan through the Payroll Savings Program at this time. If and when a change should occur, it will be communicated to plan holders.
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