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Understanding your pay

Category: On the Web | Age Group: 18+ (Transition years)

TOPIC:

What are the deductions?

RESOURCES NEEDED:

Computer access

LEARNING OPPORTUNITY:

Learn the difference between your gross pay and net pay. Why is your take home pay much less than your earnings? Employees are often surprised by the amount of deductions on their paycheques. Get the facts and an explanation for all the deductions.

THE ACTIVITY:
  • Download the “MyMoney$MyFuture Workbook Post Secondary Edition” at: http://www.mymoneymyfuture.ca/?page_id=14
  • Read P. 26–29. Find out about Canada Pension Plan deductions, Employment Insurance deductions, Provincial Tax deductions, and Federal Tax deductions.
TIPS:
  • If you are still a student, the deductions taken off your paycheque for CPP and EI is money you can’t get back. However, you can probably recoup the cash that was taken off for Provincial and Federal Income Tax when you file your income tax return.
FOLLOW UP IDEAS:
WEBSITES: