Saving for a rainy day is not always easy.
That’s why the University of Toronto (U of T) participates in the Canada Savings Bonds (CSB) Payroll Savings Program — a service that helps our employees reach their financial goals.
This year, the program will start on October 3, 2016.
The deadline to set up a new account or to make changes to an existing plan is
November 1, 2016, 8:00 p.m. EST
What is the CSB Payroll Savings Program?
The CSB Payroll Savings Program allows employees to contribute to a Payroll Savings Plan at their place of work through automatic payroll deductions.
This provides U of T employees with:
- A free and secure way to save for themselves or a loved one
- An easy way to save money for things they really want, big or small (employees can contribute as little as $2 per week)
- Access to an online account, without hassle and without fees
- Access year-round to their money online
What’s New in 2016?
A new CSB Program website was unveiled last year, featuring a fresh look, intuitive navigation, and an improved Employees web page. 76% of survey respondents indicated that they found the redesigned website easy to navigate.
Direct Deposit Online Enrolment for Single Plans
Direct deposit is a fast and convenient way for employees to access their funds. Employees with a Single Plan can sign up for direct deposit online by longing in to their CSB Online Services account. For Joint or Third-Party Plans, employees must complete the Change of Address and Direct Deposit Form.
Set up a new Employee Payroll Savings Plan by following the CSB site’s step-by-step instructions. The University of Toronto Organizational ID number is: 12212.
Here are some of the benefits of the Payroll Savings Program:
- One time sign-up: Employees sign up only once. Your contributions will start with your first pay in December and continue until you want to make a change or stop contributing.
- Easy accessibility: Access CSB Online Services to make transactions such as registration, contributing to a plan, and redemption through one website.
- Affordable: For as little as $4 per biweekly pay period ,and $8 per monthly pay period, you can contribute to a plan by automatic deductions from your pay.
- Easy to access your savings: You can access your money anytime online.
Existing Payroll Plan Owners
Already participating in the Payroll Savings Program? Access your existing Canada Savings Bonds Payroll Savings Program account.
When you log on to CSB Online Services, you can:
- Change your contributions and set up new plans (during the sale campaign only)
- Redeem your CSBs
- Check your plan balances
- Sign up for online statements
- View and print T5 slips
- Change your address
- Change your account details
Interest Rates & Contact Information?
More information about CSB interest rates can be found on their website.
If you have any questions on setting up a new Canada Savings Bonds Payroll Savings Program account or making changes to your existing account, contact Canada Savings Bond’s program at 1.877.899.3599 or visit the Canada Savings Bonds website.
Photo credit: Jason Krygier-Baum