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Canada Payroll Savings Plan

What is the Canada Payroll Savings Plan?

A new series of Canada Savings Bonds go on sale shortly, and once again, we are pleased to offer all permanent GNWT employees the opportunity to save easily and securely through automatic payroll deductions into the Canada Payroll Savings Plan.

Who can participate?

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


When is the Deadline for Applications?

Yellowknife
 Please return your application to the Payroll office on the 2nd floor of the Laing Building by October 20th.

Regions
Please return your application to your nearest Human Resource Service Centre before October 20th, so the forms can be sent to headquarters for processing before the deadline.

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 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:

  1. Decide how much you want to contribute per pay.  Deductions will be made automatically from every pay cycle, starting January 11, 2008 and continuing from campaign to campaign.  Increasing amounts and cancellations from the plan are outlined in this information sheet.
  2. Complete the application form; indicate the amount you wish to contribute and the bond registration details.  The minimum contribution is $ 4.00 per bi-weekly pay period.  Note there are two forms available, one is for new applications and the other is to be used to change the information on an existing savings plan.  Both forms are available in the brochure.
  3. Supply the Social Insurance Number and home address of every bondholder for whom you are making contributions, in compliance with the income tax legislation.
  4. Return your signed application form to the Central Payroll Office in Yellowknife no later than October 20, 2008.
  5. Call Customer Service at 1-877-899-3599 for expert answers to any questions you may have.
  6. Enjoy the security, ease, built-in-discipline and flexibility of reaching your savings goals through the Payroll Savings Plan.

Where do I get an Application?

Application forms, plus an information handout, will be distributed to all GNWT departments during the week of  September 15-19th, 2008.

If you did not receive an application form, or if you would like an additional 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.    

How Do I fill out my 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.

ALL APPLICATIONS MUST BE RETURNED TO THE CENTRAL PAYROLL OFFICE NO LATER THAN OCTOBER 20, 2008.

When can I enroll in the Savings Plan?

You can enroll only at the beginning of each plan each year.  This means deductions will commence January 12, 2008.

Can I cancel my Savings Plan?

You can cancel your payroll deductions either on the first pay cheque in June or the first pay cheque in January.  The only exception is an employee termination.  Please refer to the list of options for terminated employees.

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  gnwtpayroll@gov.nt.ca