About Saint Mary's

Canada Savings Bonds

The Canada Savings Bond (CSB) is a safe, secure investment currently held by millions of Canadians. The CSB offers you maximum flexibility and security. Benefits include:

  • Minimum guaranteed interest rates (which will increase should market conditions warrant, but will never fall below the posted rates during the priced period)
  • It’s cashable at any time, so your money is never locked in
  • Backing by the Government of Canada
  • No fees

Each October, Canada Savings Bonds go on sale. They can only be started at this time. Saint Mary's University offers all full-time employees the opportunity to save easily and securely through an automatic payroll deduction.


The Canada Savings Bond Payroll Savings program is very flexible. Some of the highlights are as follows:

  • Deductions will begin the first pay in December each year.
  • You can increase, decrease or terminate your Canada Savings Bond deduction at any time during the year.
  • The interest rate will be announced in early October.
  • Your bond purchase amount is deducted from each pay and credited to your savings plan, thus starting to earn interest right away. The Bank of Canada will mail to you an annual statement showing your balance and all activity in your savings plan.
  • You can manage your payroll bonds online. You can also arrange a withdrawal or redemption by calling the toll-free Customer Service hotline, 1-877-899-3599. The redeemed amount will be deposited into your bank account.
  • Your deductions will continue each pay until Payroll Services receives written notice to stop the deduction.

Please note: Any request for an increase or decrease in the bi-weekly amount must be done in writing to Payroll Services.