End of the Canada Savings Bonds Program
In the latest federal budget released on 22 March 2017, the Government of Canada announced it will discontinue the sale of Canada Savings Bonds (CSB) and Canada Premium Bonds (CPB) as of November 2017.
A formal communication was sent out to all Payroll Savings Plan owners and contributors from the Canada Savings Bonds Program, on behalf of the Government of Canada.
Your CSB contributions will continue to be deducted from your monthly pension until October 2017.
The funds (principal and interest) in your Payroll Savings Plan are safe, guaranteed and will be honoured. Bond series in your plan will continue to earn interest until redemption or maturity, whichever comes first. Go to CSB Online Services to validate your mailing address or sign up for direct deposit to ensure you receive your payment.
To find out what this announcement means to bond owners, you are encouraged to refer to the “Questions and Answers” by visiting the Canada Savings Bonds Program’s website.
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