Vocabulary
This is money you earn from doing work or providing a service.
Income
This is the record that shows your wages, taxes, and deductions.
A paystub
These are amounts taken off your paycheck.
Deductions
This is when you work for yourself instead of for a boss or company.
Being self-employed
This is the amount of money you earn before taxes and deductions are taken off.
Gross Pay
This deduction helps support Canadians who lose their job, take maternity leave, or are off work due to illness/injury.
Employment Insurance (EI)
These can include jobs, investments, government transfers, inheritances, or lottery winnings.
Sources of income
This is the amount of money you actually take home after deductions.
Net Pay
This deduction helps workers receive retirement income later in life.
CPP (Canada Pension Plan)
These are things you should think about when choosing a career, like interests, skills, and job opportunities.
Factors to consider when choosing a career
These three letters stand for the total amount earned or deducted from January 1 to the current pay period.
YTD (Year to Date)
These deductions can include health, dental, or life coverage through work.
Group insurance/benefits?
This term refers to information about jobs, wages, and employment opportunities that can help you choose a career.
What is LMI (Labour Market Information)
People often need this from a pay stub when applying for housing or a loan.
Proof of Income/Employment
This is a deduction workers may pay if their workplace belongs to one of these organizations.
Union (union dues)