Reading Your Pay Stubs

Would you know when a mistake has been made on your pay? How long would it take you to catch an error in your pay cheque? Did you know the federal government offers a course for their employees called Demystifying Your Pay Stub?

If you’re among the approximately 16 million Canadians earning a regular salary you probably don’t really look at your pay slips, but you should! Here are just a few reasons why you should be checking your pay stubs on a regular basis:

• Is your personal information up to date? If you’ve recently moved, you probably updated your information with the utilities and banks but what about your employer?
• Your rate of pay might be based on performance or cost of living increases. Either way, you should ensure that you’re getting the right amount!
• What are your deductions? While the most common deductions are your income tax, EI, and CPP, you may also be a part of your company’s health and/or retirement benefits. If they are cost-shared, as most are, they’ll represent a regular deduction from your wage.

It’s important to regularly review your pay slips to ensure accuracy. If you see something you don’t understand, reach out to your company’s payroll department (or person) and ask them!