Épargne Placements Québec

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Payroll Periodic Savings Plan

A gradual and effortless way to save!

Épargne Placements Québec introduces its Payroll Periodic Savings Plan (PPSP), available year‑round to all Québec public and parapublic sector personnel. The PPSP, a savings product that is eligible for the Investment Savings Account and TFSA, combines efficiency, simplicity and good returns:

  • Periodic instalments deducted automatically from your pay and at the same frequency (weekly, twice a month or monthly).
  • You choose the amount of your instalment (minimum of $10).
  • Attractive interest rates that vary with the market, regardless of the amounts accumulated.
  • Interest calculated on the daily closing balance and compounded monthly.
  • You can increase or decrease the amount of the instalment at any time.
  • Amount accumulated can be redeemed in whole or in part, at any time, by electronic transfer of funds.
  • No management or administration fees.

To create a new payroll periodic deduction, or to make a change to an existing payroll periodic deduction, go to the “Periodic savings” section of the “Operations” menu in “Online transactions”.

More details

When offered: Continuously.
Issue date: Date of the first withdrawal.
Type of interest: Compound.
Payment of interest: Monthly capitalization (on the 15th of the month). Accrued interest calculated daily on the day’s balance.
Interest rate: Interest rate varies with the market, regardless of the amounts accumulated.
Purchase amount: Minimum periodic withdrawal of $10.
Authorized purchasers: Individuals domiciled in Québec.
Characteristics of withdrawals: Payroll instalments continue until ended by the participant. Instalments are made weekly, every two weeks or monthly, depending on the participant’s pay frequency. The amount can be changed at any time.
Redemption: Total or partial, any time the account holder wants: minimum amount of $10 or balance of the product. A holdback may apply to new amounts received, that is, within 3 business days for any amount of less than $100 and 10 business days for any amount equal to or greater than $100.
Eligible accounts: Investment Savings Account or tax‑free savings account (TFSA).
Assignment and transfer: Not allowed, apart from the cases stipulated in the legislation.
Hypothec: Not authorized.

Rates in effect