Financial Services

Financial Services

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Deductions from Pay

Canada Payroll Savings Plan

The Bank of Canada's 2016-2017 Canada Savings Plan Registration System will be available starting Oct 3, 2016. It will be available until midnight November 1, 2016.

For more information please contact us.

  • Employees already enrolled in the plan who do not wish to make a change, are not required to take any action - contributions will continue as before.
  • Those who wish to make changes to their existing plans, for example increase/decrease contributions) and/or those who are signing up for the first time, this will be your only window of opportunity to do so. To make your changes, visit Canada Savings Bonds Online Services. When prompted, enter the employer code 11871 and then select "Buy or Change my Payroll Savings Plan".
  • Employees wishing to cancel their payroll deduction can do so by sending a memo or email (payroll.services@queensu.ca) to the Payroll Services, Finance Department.
  • Criteria for enrolment in the plan remains the same as previous years. You must be receiving salary payments for the next 11 months (Dec. 1st, 2016 - Oct 31st, 2017).
  • The first payroll deduction will take place in December and will be reflected on your December's salary advice slip.
  • 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.

Questions? 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).