Glossary
Budget
GeneralA plan for how you will spend and save your money over a set period, usually a month. A budget helps you see where your money goes and make deliberate choices about priorities.
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Net income
The amount of money you actually take home after all deductions. This is the number that matters for budgeting because it reflects what you actually have to work with each pay period.
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Gross income
Your total earnings before any deductions like income tax, CPP, or EI premiums are taken off. The number on your job offer is usually gross income; your actual take-home pay (net income) will be lower.