It’s My Life Career Cards
Intro to Unit 1 Assignment Today is the first day of the rest of your life… It’s time to introduce our main project for our financial literacy unit!!! Woot… :)
Entry Questionnaire First, please complete the entry questionnaire
It’s My Life Let’s go over the It’s My Life assignment introduction Give out handout
What is a Career Card? Each of you will be getting a different career (with some overlap). This is your character for the rest of the unit, unless you can find someone to switch with you today. Feel free to give your character a different name :) Each career card will have: Your name, age, background info Career information and characteristics Salary, vacation, sick days, and benefits
What is a Career Card? Take a look at the terminology sheet Gross Net Amount of money earned before deductions are made (before taxes) Net Amount of money earned after deductions are made (after taxes) **Try this: Multiply your net weekly salary by 52…. does it equal your gross yearly salary?
Your Salary For example: Net weekly salary = $850 850 x 52 = 44,200 Gross yearly income = $60,000 44,200/60,000 = 74% This means that what you actually take home from your job is only 74% (26% goes to taxes, EI, etc)
Pay Stubs Understanding and reading a pay stub becomes very important as you get older (especially to understand for tax purposes) Let’s look at some examples use doc camera to show examples from the main file
What do I get in my Bank?!?! NET PAY NET PAY = Gross Pay - TAX - DEDUCTIONS
Pay Stubs TAX OTHER DEDUCTIONS GROSS PAY NET PAY
Pay Stubs
Taxes Ok… so as Canadians we have to pay taxes. And as you can see from the pay stubs, we can pay a LOT in taxes. So what are we paying into?
Taxes What are they? Federal and/or provincial tax A rate determined by the government to come off your salary depending on how much you make (the more you make, the higher the taxes) EI (Employment Insurance) You pay into this in the potential of future need (ie. maternity leave, unemployed) CPP (Canadian Pension Plan) You get paid this after you retire (must be at least 60 and qualified)
Taxes Why do we collect it? Federal tax finances interest on Canada’s debt and public services, such as: Security/safety and defense Social assistance (welfare) Elderly and children benefits (ie. Universal Child Care Benefit) Provincial tax provides for further programs (ie. OHIP) Who collects them? The government!
Deductions Deductions you might see: Union dues → If belong to a union Association fees → Ie. Dental Association Benefits → Might pay for extra Disability → Often your choice Other pension plans → To top up the CPP
Alright - it’s time to find out about your life!!!
Career Cards Class discussion: Who are you? What is your salary? How much do you pay in taxes? Discuss equity What does this mean for you? For others?
Game Changers What is a game changer? These are little twists and turns that could happen at any time! Real life is like this - which means learning how to plan ahead or be ready for disaster (or goodness!) Example: You just bought a car and put most of your savings into purchasing it. And one month later you need new brakes… :(