Financial Services

Financial Services

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Deductions from Pay

Canada Payroll Savings Plan

Ended as of October 31, 2017

In the latest federal budget released on 22 March 2017, the Government of Canada announced it will discontinue the sale of Canada Savings Bonds (CSBs) and Canada Premium Bonds (CPBs) as of November 2017.  Given the overall decline in sales, the access to alternative investment vehicles for consumers and the administration and management costs of the program, the Canada Savings Bonds Program is no longer a main component of the federal debt management strategy.  For more information about this announcement, please visit fin.gc.ca

Registered Education Savings Plan (RESP)

This payroll deduction plan was made possible by a partnership between Queen's and the Canadian Scholarship Trust Foundation Plan.

Participants in the Queen's RESP plan benefit from the Canadian Education Savings Grant (CESG) announced in the 1998 federal budget. The Canadian government contributes 20 cents for every dollar you save into your child's CST plan to an annual maximum of $400. This additional 20% to a child's plan applies to the first $2,000 you contribute to an RESP in any calendar year and continues annually until the year your child turns 17. In addition to your returns from the CST Plan, this 20% will also accrue compounded interest within the tax shelter.

Under this plan, Queen's also intends to form a scholarship for children of Queen's employees who attend Queen's University.

Investigate how this program can benefit your family by contacting the Canadian Scholarship Trust Foundation Plan at Queen's (1-866-293-7377 or by email at resp@queensu.ca)

 

Questions?  Email us at payroll.services@queensu.ca