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Working in Claresholm
Where does your money go?
When you receive wages, gross pay (or the dollar amount before deductions) is calculated by multiplying the number of hours by your hourly wage. Deductions from your pay will also be listed on the summary sheet (paystub) attached to your paycheque/ direct deposit.
These deductions include:
- Income tax
- Employment insurance (EI) and
- Canada Pension Plan (CPP)
These can reduce your gross pay by 20 to 35 percent dependent on your wages.
Income Tax: Regardless of employment, all people in Canada pay tax on income and this tax is deducted from your paycheque. This tax deduction goes towards educational, health, and municipal services. Although regular income tax is deducted, you are still required to file a tax return each year.
Employment Insurance (EI): Every working person pays into this program. If you lose your job you may be eligible to receive payments until you find a new job (if you have worked enough hours).
Canada Pension Plan (CPP): Every working person over age 18 pays into this fund. When you retire from employment at age 65 you may receive monthly retirement benefits.
Other deductions: You may have additional deductions for medical benefits such as dentist or eyeglasses, life insurance, additional pension, or union dues.
Your employer cannot deduct additional money from your paycheque without your written permission.
What is deducted from your pay?
The Canada Revenue Agency describes payroll deductions
Self Employment
This presents a different set of rules to follow for deductions from your income. It is best to seek the advice of a professional accountant to ensure all deductions and self-employment rules are followed. Find out more information here:
Yearly Personal Income tax
Everyone must submit yearly income tax forms to the Government of Canada by April 30. There are several locations in Claresholm that offer income tax services. This cost depends on the number of documents submitted and length of time spent working on your file. To submit your taxes, you will need a T4 slip from your employer. A T4 is your statement of yearly earnings. Once your employer has provided your T4, you are able to process your personal income tax.
Ensure that all adults submit a tax return, regardless of employment. Failure to submit a tax return will result in delay of any government benefits you are receiving, or processing of any Permanent Residency or Citizenship paperwork you have submitted. Filing taxes determines whether you get a refund or have a balance owing.
Additional Information
Free Help With Tax Filing
Our local FCSS – Family & Community Service Support – can offer free help to complete your tax paperwork. This service is offered to low-income families. (Single total income: $35,000 / Family total income: $40,000) Only simple tax returns will be processed, as this service is provided through a volunteer.
- 403-625-4417
- Visit Their Site
Starting a business in Claresholm
Choosing to start your own business can be an exciting venture, and Claresholm welcomes new businesses. If you choose to be your own boss, make an appointment with the Town of Claresholm’s Office. Guidance will be provided as to what permits and rules are required.
Town of Claresholm
- 403-625-3381
- Visit Their Business Support Site
Canada Small Business Information
Support For Families
CANADA CHILD BENEFIT (CCB)
The Canada Child Benefit is a tax-free monthly payment to eligible families to help with costs of raising children under the age of 18. You must have a legal status in Canada for 18 months before you are eligible to apply. On approval of application payment will be retroactive 18 months. Payment of your CCB will be paid directly into your bank account once you have been approved. Payments are subject to parents filing their yearly Tax returns.
SUBSIDIZED CHILD CARE
Subsidized childcare services are available for eligible low-income families. To find out more information, determine if you are eligible for childcare subsidies, and how to apply please visit their site.
Other childcare Services
Childcare is available at Claresholm Childcare Society, Kids Zone, Learn-A-lot Playschool.
Workplace Safety
Workers Compensation Board (WCB) - Alberta
If you are injured at work, you may be eligible to make a WCB claim. WCB is an insurance program that covers injuries in the workplace: wage replacement for injured workers, healthcare costs and rehabilitation costs. WCB-Alberta will support in returning to work and normal life activities. Please visit this website for more information on workers compensation.
Labour Standards
This is a set of rules and regulations that has been set out to protect the employee and the employer. These rules and regulations are laws that must be adhered to by both parties. These laws govern minimum wage, overtime, holidays, job-protected leave, vacation, hours of work, earnings, youth workers and termination.
Occupational Health & Safety (OHS)
Occupational health and safety (OHS) relates to health, safety, and welfare issues in the workplace. OHS includes the laws, standards, and programs that focus on making the workplace better for workers, co-workers, family members, customers, and other stakeholders.
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