Understand your paystubs
Credit to Author: Guest Author| Date: Tue, 12 Sep 2023 22:57:44 +0000
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Is a paystub hard to understand? It can be. We’ve got simple answers to help you understand your paystub in this video. We explain the difference between gross salary and net salary, between tax withholding and employee contributions, and what all those abbreviations on your paystub mean.
For starters, your paystub will show your whole, or gross, salary, along with all the deductions, such as provincial and federal taxes. Then there are deductions for employment insurance (EI). You pay into EI so that if you lose your job, you might be entitled to it as a saftey net. Other deductions include the Canada Pension Plan (CPP) or Quebec Pension Plan (QPP).
Depending on your job and employer, you may also be getting deductions for group insurance benefits.
The final amount is called your net salary.
For more answers and information, visit our information hub dedicated to newcomers. Find more helpful videos as part of this guide here.
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