Chapter 3 Flashcards
The 10 fair information principles
Accountability Identifying purposes Consent Limiting Collection Limiting Use, disclosure and retention Accuracy Safeguards Openness Individual Access Challenging compliance
Statistics Canada
Statistics Canada help Canadians better understand their country – its population, resources, economy, society and culture.
They get some of their information from payroll surveys
PIPEDA
The personal Information Protection and Electronic Documents Act
Applies to the collection, use or disclosure of personal information in the course of any commercial activity within a province that does not have its own privacy legislation.
Statistics Canada
Statistics Canada help Canadians better understand their country – its population, resources, economy, society and culture.
Pay Cycle
Monthly
Semi-monthly
Bi-weekly (26 or 27 cycles per year)
Weekly (52 or 53 cycles per year)
Types of Earnings
Salary Hourly Regular rate Shift premium Overtime Vacation pay Statutory holiday Piece rate Bonuses
Other Types of Earnings
Gratuities and Tips Commissions Severance Pay, Pay in Lieu Retiring Allowances Gifts and Awards Subsidized meals Honouriums Director’s or management fees
Wages
Most commonly based on a per hour rate of pay.
Extra earnings include: Overtime premiums Shift premiums Statutory holiday pay Performance bonuses
Vacation Pay is added to wages if they are being paid out in the pay cycle.
Salary
Refers to employment compensation based on a standard amount of earnings per pay period – not based on actual hours worked.
Allowances
Amounts paid to an employee to compensate them for the use of their assets.
May be taxable if not specifically for the benefit of the employer.
May be non-taxable if for the benefit of the employer.
Reimbursements
Where the employee personally pays on behalf of the employer and then is paid back by the employer at a later date.
Usually after submitting an expense report documenting the payment.
Benefits
Taxable Benefits are payments made by the employer that is for the personal benefit of the employee.
If these are paid through payroll or accounts payable then they are referred to as a cash taxable benefit.
If the benefit it paid to a third party – then they are termed
non-cash taxable benefits.
Use of Employer Automobile
If vehicle is used 100% business – calculation is easy.
If the employee has access to a vehicle for both personal and business, then a taxable benefit is calculated based on 3 factors:
Stand-by charge
Operating cost
Employee Reimbursement
