Starting your first job or co-op? Your salary is only part of the story. Mac's Money Centre is here to support you with understanding Total Compensation. 

This workshop helps university students understand what happens to their paycheque and how to evaluate the full value of a job offer. Participants will learn the basics of gross pay versus net pay, mandatory deductions such as income tax, Canada Pension Plan (CPP), and Employment Insurance (EI), and how tax credits can impact their finances.  

Students will also explore employee benefits, retirement savings plans, workplace perks, and hidden costs that can affect the true value of employment opportunities. Through practical examples and real-world scenarios, attendees will gain the confidence to compare job offers, ask the right questions of employers, and make informed financial decisions as they begin their careers.  

Learning Outcomes 

• Understand the components of a paycheque and common deductions.
• Learn how taxes, TD1 forms, and tuition tax credits work. 
• Identify the value of employee benefits, pensions, and retirement savings options. 
• Recognize hidden employment costs such as commuting, relocation, and training expenses. 
• Assess the total value proposition of a job beyond salary alone.

If you have an accessibility accommodation request due to a disability for an event/planned meeting, please email careeraccess@mcmaster.ca. Should you require any materials sent in an accessible alternate format, please advise. Not sure if your request is related to an accessibility accommodation, please review the Accessible Communication Supports, Accessibility Hub, Equity and Inclusion Office, McMaster University. 

Brought to you by the Student Success Centre (SSC)