Canada Savings Bonds Payroll Program


Published: 19Sep2005

Canada Savings Bonds go on sale shortly and, once again, the University is pleased to offer every employee the opportunity to purchase them through automatic payroll deduction.

The Payroll Savings Program is a simple, convenient and secure way to save for tomorrow. It's a great way to watch your savings grow over time. Your bond purchase amount is deducted from each pay and starts earning interest when your funds are received. Your principal and interest are guaranteed by the Government of Canada.

Once you've purchased your bonds, you can conveniently manage your payroll savings via secure online access. It's a fast and simple way to check your bonds' status, view your balance, request redemptions and more — at virtually any time.

All you need to do is log in to

If you do not have Internet access you can use a toll-free phone service. Simply call 1-877-899-3599, Monday to Friday, 8 am to 8 pm, to use the automated option for redemptions or to speak with a Customer Service Representative about your Plan.

You too can reap the benefits of the Payroll Savings Program. All it takes is:

  • Calling the Payroll Office at 514-398-3751 to request that an application form be sent to you, or visiting our offices at 688 Sherbrooke Street West, Suite 1520, to pick one up.
  • Deciding how much you want to contribute per pay. Deductions will be made automatically at every pay cycle, starting on December 1 and continuing until you decide to amend the amount or tell us you want to discontinue.
  • Completing the application form, noting the amount of contributions and registration details. Also note that there is a minimum contribution — as little as $2 if you're paid weekly, $8 if you're paid monthly.
  • Supplying the Social Insurance Number and home address of every bondholder for whom you are making contributions, in compliance with income tax legislation.
  • Returning your signed application form (Copy 1 and 2) to Lydia Abonader at the Payroll Office, Department of Human Resources, 688 Sherbrooke Street West, Suite 1520, Montreal, Quebec H3A 3R1 no later than October 18, 2005.
  • Calling Customer Service at 1-877-899-3599 for expert answers to any questions you may have.

If you are already purchasing bonds through the new Payroll Savings Program and you do not want to make any changes, you do not need to fill out a new application form and your current deductions will continue. If you do want to make changes to your current deductions you will need to complete the Payroll Deduction Change Form (available in the brochure) from the Payroll Office and return it to Lydia Abonader.

Robert Savoie
Executive Director, Department of Human Resources