Pay Roll Deductions
Employment Insurance (EI)
Employment Insurance is a federal program that provides temporary financial
assistance to those that are unemployed or have lost their jobs. There are specific
requirements that you have to meet to qualify for EI (see link below).
Employment Insurance is funded by employees and employers. Your employer will
deduct your portion of EI premiums from your pay.
You can find out more about Employment Insurance from Service Canada at
http://www.servicecanada.gc.ca/eng/sc/ei/index.shtml
Canada Pension Plan (CPP)
The Canada Pension Plan is a retirement plan managed by the federal
government. It is mandatory for employees and employers in all provinces and
territories.
The CPP provides basic pension benefits when you retire. The amount you receive
when you retire depends on the amount you paid into the plan. In the event of your
death, the plan pays benefits to your survivors. To learn more about the CPP, visit
the Service Canada website at
http://www.servicecanada.gc.ca/eng/services/pensions/cpp/index.shtml
Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan (RRSP) is an account, registered with the
federal government, that you use to save for retirement. You may be able to make
RRSP contributions through your employer. If so, this deduction will be shown on
your pay stub. See page 7 for more info on saving for retirement.
Employer-Sponsored Pension Fund
Some employers offer a pension to employees when they retire. If you belong to
your employer’s pension plan, your pension contribution will show as a deduction
on your payslip. If your employer has a pension plan you will be informed when
hiring on.
Employee Savings Plan
Your employer may offer a savings plan. The plan may include investment choices
such as mutual funds or stock in the company. If you belong to an employee
savings plan, your savings plan contribution will show as a deduction.
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