Deductions from Pay
Canada Payroll Savings Plan
The Bank of Canada's 2011-2012 Canada Savings Plan Registration
System will be available starting Oct 3, 2011. It will be available until midnight November 1, 2011.
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
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 to the Human Resources Department.
Criteria for enrollment in the plan remains the same as previous years.
You must be receiving salary payments for the next 12 months
(Dec. 1st, 2011 - Nov. 30th, 2012)
first payroll deduction
will take place in December and will be
reflected on your December's salary advice slip
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 email@example.com).