Personal Taxes
Completion requirements
Unit A: Money
Chapter 1- Income and Personal Taxes
Lesson 2: Personal Taxes
Has someone ever said to you, "Money doesn't grow on trees"?
Unfortunately, this statement is true. Money does not appear magically. Often, more money is paid out (spent) than is brought in (earned in income).
The paycheques you receive do not represent the full amount of the wage you make. Government mandated deductions and voluntary deductions are taken off by your employer.
Unfortunately, this statement is true. Money does not appear magically. Often, more money is paid out (spent) than is brought in (earned in income).
The paycheques you receive do not represent the full amount of the wage you make. Government mandated deductions and voluntary deductions are taken off by your employer.
The Goal
In this lesson, you will learn what deductions you can expect to have taken from your paycheque and how you can calculate those deductions.
Here are some things you will learn about in this lesson:
- the difference between gross pay and net pay
- job-related deductions and the difference between mandatory deductions and voluntary deductions
- the Canada Pension Plan (CPP) and how it is calculated
- Employment Insurance (EI) and how it is calculated
- Income Tax and how it is calculated
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