Financial Literacy Overview
Open Your Own Business
- Overview of the process and considerations for starting a business.
Freelance Work
- Explanation of what freelancing entails and how to get started in freelance jobs.
University Education
- Discussion on the importance of a university degree in achieving career goals.
Social Insurance Number (SIN)
- Overview: A unique identifier used for various government programs and benefits.
- Supporting Documents: Primary and secondary documents required when applying for a SIN.
Pay Stubs
- Understanding Pay Stubs: Detailed explanation of pay stubs and their components.
- Difference between paycheck and pay stub.
- Importance of understanding payroll information such as hours worked, deductions, etc.
- Employment Insurance (EI):
- Overview on how to collect EI and eligibility requirements.
- Income Tax Deductions:
- Explanation of income tax and its impact on earnings.
- Taxation Process:
- How people are taxed, including the difference between gross and net pay.
- A breakdown of terms:
- Gross Pay: Total earnings before any deductions are made.
- Net Pay: Earnings after all deductions (including taxes) have been taken out.
- Taxes Overview:
- Basic amount: The standard deduction allowed for all taxpayers.
- Understanding when to file taxes and the reliance on tax slips.
- T4 Slips: Receive around February or shortly after tax year's end, summarizing employment income and deductions.
- Pros and Cons of Taxes:
- Consideration of the impact of taxes on personal finances.
- Importance of planning for taxes when earning an income.
Financial Literacy Test Outline
- Key Areas Covered:
- Earning an income through various pathways:
- College education
- Secondary school education
- Saskatchewan Polytechnic (Sask Poly)
- Direct entry into the workforce
- Starting a business
- Freelancing opportunities
- University education prospects.
- Deductions: Understanding what deductions mean for take-home pay and the overall financial literacy surrounding income.