Earlier this year, the Government of Canada announced that it will discontinue the sale of Canada Savings Bonds (CSBs). Consequently, CSBs will no longer be available for purchase through the Payroll Savings Program as of November 2017.
What this means for participants in the CSB Payroll Savings Program
Your CSB contributions will continue to be deducted from your pay and go towards your CSB Payroll Savings Plan until October 31, 2017.
The funds in your Payroll Savings Plan are safe, guaranteed and will be honoured. Bond series in your plan will continue to earn interest until redemption or maturity, whichever comes first.
You will continue to have access to your 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 phone 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.
Please note that if you contribute to a Canada RSP through the Payroll Savings Program, there are no changes at this time.
For more information about what this announcement means to you, please visit the Canada Savings Bond’s Question & Answer page.