Eeww... Gross Pay
One of these things doesn't belong here (in the gross pay category)
Salary, Overtime, CPP, Bonus
What is CPP?
(Also known as Canada Pension Plan deduction - the federal government's plan for retirement savings since 1965)
This deduction is often the largest deduction from your gross pay.
What is Federal and/or Income Tax?
All taxable benefits are subject to the same amount of tax, CPP and EI.
True or False
One of these things doesn't belong here (in the compensation category)
Benefits, Salary, Employer portions of tax, Bonus
What are employer portions of tax?
Just like employees, employers have to a match value (or greater) to CPP and EI. These do not form part of your total compensation calculation.
This phrase is used on Canadian pay stubs to show the amount an employee actually receives.
What is net pay?
The pay that is earned as a premium of your regular rate of pay and is compensation for working additional hours outside of your regular schedule. Management not included.
What is Overtime?
One of these things doesn't belong here (in the statutory deductions category).
CPP, EI, RRSP, Tax
What is RRSP or TFSA?
The difference between a gift card for any store versus a gift card for a company swag store.
What is taxability?
Having the choice of gift/award is seen as a cash value, therefore it is taxable income.
The most frequently forgotten part of your compensation package. Sometimes often not included on your pay statement.
What are employer paid benefit premiums?
After all required payroll deductions, this is the amount available for spending.
What is disposable income?
May be paid each pay, paid as paid time off, or accrued for time to be taken instead of working.
What is Vacation Pay?
The statutory deduction that contains an annual exemption, unlike any of the others.
What is CPP?
What is personal use of company vehicle?
Because there is a calculated value to this, it is to be considered taxable income. I know - this this no one's favorite fact.
This portion of my compensation allows me to have a stronger retirement plan. Some refer to it as "pay for my future self".
Not all employers afford this benefit to it's employees.
What are retirement savings?
Such as RRSP, TFSA or Penion.
Pocket money, my cut, bankable cash, direct deposit dough.
What are slang terms for net pay?
Sales incentive based amount typically calculated in %'age of sales, often negotiated at the start of your employment.
What is Commission Pay?
The deduction with an annual employee limit of $1077.48 for 2025.
What is EI?
It has a nickname of TB's or Tax Ben's in the payroll world.
What are Taxable Benefits?
The word used for payments in lieu of expenses which are required to complete your work.
What is allowance?
Such as Car or Cell Phone Allowance.
Financial planners use this term to describe income available for spending and saving after deductions.
What is spendable income?
This is the total amount of pay that is used to calculate income tax.
What is the Gross Taxable Income?
The statutory deduction that may be combined with the federal kind and is typically the smaller portion of this deduction, where the funds are transferred back to your province.
What is Provincial Tax?
This is the difference between employer paid disability premiums versus employee disability deductions.
What is a taxability?
It's the total package, more than just the pay you earn in exchange for your service.
What is total compensation?
Take-home pay, after-tax income and net deposit.
What are more formal alternatives to net pay?