Let’s face it, not many people look at their payslips. However, there is important information, and sometimes errors …
It is still necessary to know how to decode this famous piece of paper (also called bulletin or heel). However, according to a Payments Canada survey last year, 46% of people care more about the weather than their pay. Worse still, one in three Canadians (35%) either does not understand this document or believes it is correct. In fact, 38% say they’re unlikely to spot a bug!
More than half of respondents (57%) say they don’t pay attention to payroll amounts and deductions.
“However, this newsletter is important for workers,” said Gaetano Gagliardi, adviser on government and legislative affairs at the National Payroll Institute. People should be careful and check every payslip to make sure they’ve been fairly compensated. »
Because the Bulletin not only shows what we have won, but also the various social benefits to which we are entitled.
Ask for help
Do not hesitate to ask for help if you do not understand certain data, emphasizes Mr. Gagliardi. You’re not alone: one in three employees (35%) say they feel intimidated when looking at this type of information, and many are reluctant to ask for clarification. More than one in five workers (23%) say they feel uncomfortable or embarrassed asking their employer to explain the details of the various deductions on their payslip.
“People shouldn’t be afraid of it,” Gagliardi continues. Payroll managers are meticulous people, they keep up to date with regulations. They like to share their knowledge. And if an error is spotted, the person doing your payslip is the best person to correct it. »
A planning tool
Payroll also serves to better plan for savings or to know if your compensation and benefits are competitive. You can also plan your retirement or tax planning better. It is ultimately used to know where your hard-earned money is going.
Do we have to keep our payslips? The CNESST standards require employers to do this for three years. But if you change jobs or if your employer closes their doors and you don’t have that document, how do you get it back?
A tip: keep your receipts for at least seven years, like other documents of a tax nature, if possible on your cloud (if it is well protected with a password), then destroy the paper copy.
Finally, with the CNESST (Apple and Google) maPaye application, you can count your hours worked yourself.
What a payslip should show
Needed information
- Your name and that of your employer
- Your number or job title
- your hire date
- The payment period
- Date of preparation of the payslip
- Gross salary (before taxes)
- Net salary (after tax)
- The amount deposited, to which account
- Number of hours worked for the period
- Amount of overtime (if applicable)
- Your hourly rate (current, overtime)
- Deductions (QPP, Labor Insurance, Quebec Parental Insurance Plan)
- Tax Deductions (Federal, State)
- Your holiday fund (accumulated or payable)
- The Confidential Notice
Optional information (depending on the position)
- your payslip
- The amount of tips (declared or allocated by the employer)
- Group insurance (individual share, employer share)
- Pension plan (employer, group RRSP, VRSP)
- Stock Purchase Plan (SAP)
- union contribution
- Contribution to the Recreation Committee
- Donations (e.g. Centraide)
