top

Canada Payroll Savings Plan

What is the Canada Payroll Savings Plan?

A new series of Canada Savings Bonds go on sale in October 2009 and once again, we are pleased to offer the Payroll Savings Program to all Permanent GNWT employees which will provide the opportunity to save easily and securely through automatic payroll deductions.  If you currently have a Payroll Deduction for a CPSP and you do not want to make any changes to this CPSP, then you do not have to do anything.  The CPSP deductions will continue from one (CPSP) Campaign to the next.

Who can participate?

All permanent employees of GNWT departments, Boards and Agencies are able to participate in the Canada Payroll Savings Plan.

The GNWT will start the E-Campaign for this Year’s Program. 

What is the E-Campaign?

E-Campaign is a secure online environment that allows employees to buy Canada Savings Bonds or update existing plans easily.  The E-Campaign Site www.e-campaign.csb.gc.ca will only be available October 5th 2009 to Midnight on October 31, 2009.   

If you are interest in the CPSP or if you currently have a CPSP we suggest that you take a few minutes to access the E-Campaign Demo; Purchasers (no need to enter Client ID or password at this time, other fields that can be accessed are as per menu items: Purchase Bonds, Changes Purchase(s), Personal Information, Agreements.  The link to access the E-Campaign Demo is www.csb.gc.ca . We suggest that you do this now as the GNWT will be using the E-Campaign for the upcoming fall campaign.  As this is new for our organization we welcome your comments or Inquiries at the hrhelpdesk@gov.nt.ca.   All concerns will be addressed.

What are the Advantages?

The Canada Payroll Savings Program is very flexible and includes a Customer Service hotline for employees. Saving is an important part of planning for the future, and the Payroll Savings Program is one of the simplest and most effective methods available to help you reach your goals.

Your Canada Savings Bond purchase amount is deducted each pay period and is credited to your savings plan, which begins earning interest immediately.

Can I take my money out?

Redemptions can be arranged easily by calling the Canada Payroll Savings Plan Customer Service at
1-877-899-3599.

How do I begin my Savings Plan?

Follow these steps in order to participate in the Canada Savings Program:

  • Decide how much you want to contribute per pay. Deductions will be made automatically from every pay period, starting December 11, 2009 pay and continuing from campaign to campaign.  This is a change as in the past the first deduction for the CPSP was on the first pay in January.  The E-Campaign requires that the first deduction occur in December of the New Campaign. Increasing amounts and cancellations from the plan are outlined in this information sheet.
  • Complete the Purchase Bonds section online or the Change Purchase(s) section.  The Change Purchase(s) would be for anyone who currently has a Payroll Deduction for the CPSP, and this is where you could Increase or Decrease the amount of your deductions. The minimum contribution for a CPSP is $ 4.00 per bi-weekly pay period.If you do not have access to a PC, you can contact your local Human Resource center to make arrangement to have a CPSP Brochure sent to you. 
  • Supply the Social Insurance Number and home address of every bondholder for whom you are making contributions, in compliance with the income tax legislation.
  • If you are unable to access a PC you will need to return your signed application or change form to the Central Payroll Office in Yellowknife no later than October 20, 2009.
  • Call Customer Service at 1-877-899-3599 for expert answers to any questions you may have.
  • Enjoy the security, ease, built-in-discipline and flexibility of reaching your savings goals through the Payroll Savings Plan.

When do I go online to sign up or make changes to my CPSP?

An e-mail messenger will be sent out to all Permanent GNWT Employees in the middle of September to advise that the E-Campaign site will be available on October 5th, 2009.  Employees should make note of this date.  As soon as the E-Campaign is available on October 5th, employees can then go online and sign up for the CPSP or make changes to your existing CPSP.  You will require the GNWT’s Employer Code and it is 12862.  Please remember that if you have a CPSP and you do not want to make any changes, then you do not have to go online and do anything.  The CPSP will automatically continue from Campaign to Campaign. If you cannot access a PC and require an application form, please contact your local Human Resource Service Centre, or the Payroll office, located on the 2nd floor of the Laing Building in Yellowknife.

The E-CAMPAIGN Site for the Fall Campaign will be available from October 5th, 2009 to midnight October 31, 2009. At this time only, all Permanent GNWT Employees that want to Sign Up for the CPSP or make changes to an existing CPSP will have to go online at www.e-campaign.csb.gc.

How Do I fill out my paper Application?

  • Applications must be completed in Blue or Black ink;
  • Block letters must be used;
  • The first two copies must be returned to the Central Payroll Office;
  • The 3 part form is used for New Applications only
  • For existing plan updates use the change form on page 2 of the brochure;
  • Our Organization ID is 12862 – This goes in the top right hand corner of application.
Note: Paper Applications are Only for Employees who cannot access a PC. ALL APPLICATIONS MUST BE RETURNED TO THE CENTRAL PAYROLL OFFICE NO LATER THAN OCTOBER 20, 2009. The address for the Central Payroll Office is PO Box 1320, Laing Building 2ND Floor, Yellowknife NT X1A 2L9.

 

When can I enrol in the Savings Plan?

You can enrol in the Payroll Savings Program only at the beginning of each plan each year which is in October of each year.

Can I cancel my Savings Plan?

If you want to cancel your deductions for your CPSP you will need to submit a written request ( e-mails will be accepted) to the hrhelpdesk@gov.nt.ca .  Please ensure you include your Name and employee ID number in your request to cancel your bonds. 

Can I increase or decrease my contributions?

You may reduce or increase your contribution amount only at the beginning of a campaign using the Payroll Deduction Change form. However, increases up to the initial amount are accepted between campaigns for any employee who had previously reduced the initial amount and wishes to increase it again. This would be done for the first pay in June, meaning written notification must be received by the Central Payroll no later than mid April.

I'm terminating my position - what happens to my plan?

Terminating employees have four options:

  • You can continue to hold the plan with no future contributions.
  • You can close the plan and have the balance deposited to your personal bank account or sent by cheque.
  • You can continue to contribute to the plan by calling Customer Service at 1-877-899-3599 and arranging with the Bank of Canada to have your contributions debited from your personal bank account.
  • The plan can be transferred to a new employer if the individual is joining an organization, which is a Canada Payroll Savings sponsor.

Can I make Cash Withdrawals?

You may contact the Bank of Canada to have the redemption payment deposited directly into your personal bank account. If the owner is not the purchaser, or when bonds are owned by more than one person, payments are made by cheque. A cheque is also issued to those employees who did not arrange for direct deposit by providing a void cheque at signup time.

Visit the Bank of Canada at www.mybonds.gc.ca

Where can I get more information?

Visit www.csb.gc.ca/ for a detailed description on the Canada Savings Plan

For further information, send your inquiry to hrhelpesk@gov.nt.ca