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Daily Banking

Decoding your first paycheque

November 2, 2022
min read

Receiving your first paycheque is exciting until you notice the pay is less than expected! Find out where your money is going and understand what all the deductions are for.

The first paycheque at a new job is an exciting achievement, but it can also be confusing if there are deductions you are unfamiliar with. More employers are using direct deposit and send your pay directly to your bank.

You also receive a pay stub that summarizes your earnings and deductions. It is important that you read and understand your pay stub and check for any errors.

What is Deducted From my Paycheque?

Mandatory Deductions

Your paycheque will include Canadian Pension Plan, Employment Insurance, Federal Tax and Provincial Tax deductions, which are mandatory deductions. It may also include other deductions that vary from company to company.

How Do Cheques Work?

Not everyone gets paid by direct deposit. If you are among the people who get paid by cheque, this section will break down what each part of a cheque means.

A standard cheque will usually have the following information:

  • Employer’s name and address
  • Date of issue
  • Recipients name
  • Recipient’s address
  • Cheque amount in words and in numerals
  • Memo: this space can be used to write the cheque description. It is usually helpful for record-keeping
  • Employer’s signature
  • Micro-encoding: these are the numbers at the bottom of a cheque that typically include the cheque number, branch transit number, financial institution number and bank account number. Micro-encoding makes it possible for the cheque to be read and sorted by a machine.

Please note that some institutions have a “holding period” where the funds deposited by cheque are not immediately available until after that period is over. The holding period is the time it takes for your cheque to clear, which is the time it takes for your financial institution to receive funds from your employer’s financial institution.

How to Deposit a Cheque in my Cambrian Account

Deposit Anywhere is a convenient and secure way to deposit cheques right into your account using your smartphone. With the Cambrian Mobile App, simply take a photo of both sides of a Canadian cheque, select your account and the funds are deposited! This means you can deposit your cheques anywhere without stopping in at a Cambrian branch.

When taking photos of your cheque, ensure the cheque is on a flat surface, and that there is adequate lighting. If you encounter any challenges depositing a cheque using Deposit Anywhere™, visit our FAQ  page or contact us.

Today’s Rates

*All rates and yields subject to change without notice.
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