As I had mentioned here, all the final pieces have fallen into place with the prolonged contract negotiations at work. April's paycheque included the back pay from the almost two years of limbo.
Everyone at work has been curious how much it would be, and what would be left after deductions.
What I liked about our pay stub was that most of the deductions were listed twice...one for the regular deduction and one reflecting the backpay piece. Then you could see the actual monetary amount that came off from the backpay piece. The only ones that did not show twice were the federal and provincial taxes, but I could look at March and Feb (which were the same) and just subtract the difference. I don't believe that the last time we were in this situation, things were listed separately.
Deductions came off for the two taxes, EI (Employment Insurance), CPP (Canada Pension Plan), my Pension and a dibble for professional dues.
The verdict....48.9% of the backpay never made it to my account.
I net $1200. I am grateful for the money. It would have been great to have all 100% of it, but that would never happen :-)
I see it as a bonus or a gift. I have added it to my snowflake jar and placed it in my BMO savings while I think about it.
Tuesday, Nice weekend!
1 day ago
2 comments:
Not backpay, but we used to have a bonus at work and could choose to get deductions taken out or not. I also had RRSPs and gave a lot to charity, so I opted for the no deduction option. I wish we could do that with our backpay IF and only IF we knew we wouldn't owe Revenue Canada next year!
That is still a great amount you received :) Lucky!
CS - that bonus option sounds great. If only there was a way to log in and see our status at Rev Can throughout the year so we knew.
Jean - congrats on the goal bonus. Good to see you have a few plans and can then think on which one fits you best.
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