New RSP option in Payroll Savings Plan
U of S Payroll Manager Kelly Read has announced that this year’s campaign for the new series of Canada Savings Bonds is now underway and the University will again offer its voluntary Payroll Savings Plan for monthly paid employees.
Minimum monthly payroll deductions are $10 and they will begin with the Dec. 24 salary payment, Read says. Employees may cancel the payroll deduction at any time, and may contact the Bank of Canada at any time to arrange for either partial or full redemption of their contributions.
Read says new to this year’s campaign is the Canada RSP option. It provides a tax receipt and tax-sheltered growth, while the investment is 100-per-cent guaranteed. There are no fees to purchase, hold or redeem the bonds and their interest rate will not go down, and may go up, during the announced period. The bonds may be cashed at any time. Minimum monthly purchase for the Canada RSP plan is $40.
The campaign ends and all forms must be returned to the Payroll Office, Rm E-70 Administration, by 4:00 p.m., Friday, October 22.
For details on both the Canada Savings Bonds and Canada RSP plans, see the Financial Services Division website at: www.usask.ca/fsd or contact Payroll by e-mail at: email@example.com with questions and new application requests.