FL10.4 Explore various ways of earning an income.

This Outcome Looks At:

  • The importance of a social insurance number (SIN).

  • Payment methods for employees such as wages, salary, commission, tips, and bonuses.

  • The budgeting implications of different frequencies of pay.

  • How entrepreneurs earn an income from self-employment.

  • The advantages and disadvantages of different employment situations.

  • Pay stubs, including gross pay, net pay, and mandatory and optional deductions.

  • The impact of overtime on gross and net pay.

  • The purpose of income tax and the relationship between earning an income and taxation.

  • A tax return for a simple T4 employment form.

  • Income associated with treaties.

  • How to manage a substantial financial gain.