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What is a Salary Income?

Salary is a financial compensation given to by employers to employees in exchange for services rendered for a specific period within a given month or week. The salary is specified in the employment contract signed between the employer and employee. The salary is usually augmented by various employee benefits offered by companies. These benefits must also be stipulated in the contract. There might also be deductions on the salary for various reasons.
This article expounds on the policy of the Federal Government of Canada regarding employee compensation, the income tax imposed by the government on salaries of employees and functions of salary calculator software.

What is Canada's Policy on Employee Compensation?

Human Resources and Skills Development Canada clearly states that "Despite everyone's best efforts, accidents can happen in any workplace. Workers' Compensation programs protect employees from the financial hardships associated with work-related injuries and occupational diseases. While these programs are largely administered by provincial and territorial governments in Canada, the Labour Program is responsible for claims that involve federal government employees - both inside and outside of the country - who are injured on the job, become sick from an occupational disease or are slain while on duty. We also administer claims submitted by certain merchant seamen and federal penitentiary inmates."

Additional guidelines from cite the following:

  • Learn more about your compensation rights and responsibilities as federal government employees and employers.

  • Locally engaged employees outside Canada, such as staff working in Canadian embassies overseas, are eligible for benefits like any other federal employees, and their employers are responsible for making sure that they receive this compensation when required.

  • Survivors of employees slain on duty are entitled to a guaranteed income. These pages will answer your questions and guide you through the required application process.

  • Certain merchant seamen injured or disabled because of their work are covered for benefits outlined in the Merchant Seamen Compensation Act. Are you entitled to these benefits? You can read the details in this section.

  • Federal penitentiary inmates injured while taking part in a Correctional Service of Canada approved work or training program may be eligible for compensation. We have the facts about this benefit plan.

  • Understand how the process works at the Labour Program by reading the Operational Program Directives that Labour Program inspectors need to follow.

  • Interpretation, Policy and Guideline documents provide clarification or interpretation of specific aspects of the Worker's Compensation program's directives.

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What is the Income Tax Imposed by the Government on Salaries?

The federal government of Canada imposes income tax on the salary income earned by individuals. The Canadian Revenue Agency is responsible for tax collection in most provinces of the country. CRA deems this income as taxable and deducts tax from your salary. The general practice in Canada is that the employer deducts the income tax on your income referred to as a salary one. The employer will deduct based on his calculations. The employee is required to file returns on his or her income annually and must pay any dues that may be left. A tax refund from CRA can be sought if excess tax has been paid on this income. The CRA also specifies that the employer must deduct the amount required for pension to be deducted from salary. The amount to be deducted depends on the presents on the current Canada Pension Plan rates. The province of Quebec alone charges its unique rates on the taxpayer. The income tax is calculated for both provincial and federal rates. The rates on this income are fixed by the CRA and the rate depends on the particular province.

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What are Salary Calculators?

There are numerous financial-related websites that provide essential information regarding salary income and the tax levied on it. These sites also have the calculators for them. This is the software designed to obtain data from the individual and calculate the salary income. It also gives details about deductions for the taxes from the salary. This is essential to almost all individuals who are employed. It contributes the most to the household income. It contributes to the expenditure as well. The individual must be aware of his income and also the deductions to ensure that he gets the salary correctly. Penalties are imposed for any fraudulent activities that might be done. The tax for this is also a major revenue generator for the provincial as well as federal government.

Employee Awareness

This article is a must-read for Canadian employees because it gives them adequate and useful information about the compensation they receive and the laws governing salaries that are paid to them by employees.

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