Canada Savings Bonds
The Payroll Department is pleased to offer regular staff members the opportunity to buy Canada Savings Bonds through regular instalments of the payroll savings plan. This plan continues to be Canadian's single most popular way to build savings and financial security. The bonds are backed by all the resources of Canada, earning an attractive and safe yield for the holder. Information and applications are distributed annually in October with the details of the current year's issue.
Club ED Lottery, TRU Foundation Donation and United Way
TRU provides a number of optional payroll deductions for regular staff members.
Please contact the TRU Foundation office (local 5264) for further information regarding Club ED Lottery. Once the paperwork generated there has reached Payroll, a deduction of $10 per month will be made if two draws are held during the month. A deduction of $15 will be made in the event there are three draws in a month.
Employees may elect to have a regular payroll deduction for donation to the TRU Foundation rather than, or in addition to, electing Club ED Lottery.
For those who wish to contribute to the United Way, payroll deduction authorization forms can be obtained from the various campaign volunteers during the annual campaign in October. Once Payroll receives the authorization forms, deductions will be made in 12 equal instalments starting January 1 and continuing through December 31 of each year. Payroll deductions are available to full-time employees only. Part-time employees can make one-time donations by providing the Accounting Clerk with a cheque made payable to the United Way of Kamloops.
Deferred Salary Leave Plan
TRU has established a Deferred Salary Leave Plan for its regular full-time staff. The intent of the plan is to allow employees to set aside a percentage of their gross salary (maximum of 30% per annum) over a period of up to six years in order to save for a leave of absence. In order to receive approval to defer salary for the program, employees must clearly establish a period when leave will be taken. The accumulation of salary is paid back in bi-weekly instalments during this leave period as employment income. During the deferral period, the deferred money is pooled and invested on your behalf, with the interest earned being credited back to you annually.
The plan is designed specifically to fund a leave of absence greater than four consecutive months and to a maximum of two years in length. With this intent in mind, we have received Revenue Canada's approval to tax only the money employees actually receive each year - income tax on the amount deferred is not paid until deferred savings are received.
All provisions of an unassisted leave of absence will apply for benefits, seniority and increments.
Interest earned on the investment of the deferred money will be paid out to employees annually on December 31st by the financial institution (a requirement of Revenue Canada). It will be paid separately from the deferred salary amount and is the employee's to invest as the individual wishes.
Applications must be received by the President no later that January 15 for implementation in that fiscal year. Further information and application forms are available from the Finance Division.