Brought to you by CFEE Canadian Foundation for Economic Education

Jobs / Business

A business can be incorporated at the federal or provincial level in Canada and become a corporation.This means owners/investors have “limited liability” and can only lose what they have invested.There are small corporations, large corporations, and multinational corporations, which conduct business in more than one country.The Canadian Federation of Independent Business (CFIB) is an association that helps small businesses in Canada.You can get information on starting a business from the CFIB website at www.cfib.ca.

Testing your business plan

Before starting a business, an entrepreneur will want to “test” the business plan by asking some people with knowledge and experience to look over the plan and provide opinions on it. If the entrepreneur is trying to raise money for the business, those considering investment will be one test for the plan.There are organizations that will try to help entrepreneurs by reviewing their business plans. Learn more

Full-time/part-time

There are full-time and part-time jobs. Full-time jobs are usually 35 to 40 hours a week. Part-time jobs can vary from a few hours a week to a few days. Many people work at part-time jobs. Some hold a number of part-time jobs rather than one fulltime job. Full-time jobs often provide “benefits” to employees. Most part-time jobs do not.Ask your employer about “benefits” offered with your job..

Profits, growth, and new jobs

Often the number of people working for a company is related to how well the company is doing in terms of selling the products and services it produces. If the company sells more, it will need to produce more.This will increase the company’s need for workers.Therefore, when looking for a job, it is good to look for companies that are doing well—selling lots of goods and services, earning profits, and likely to grow.

Usually more than one company produces a good or service. Businesses compete with one another to convince potential customers that their product or service is better than that of their competitors. Competition encourages businesses to try harder and try to improve their product or service by responding to what customers want. Caveat emptor means consumers should be aware of what they are buying and try to make good decisions.

Support for small business in Canada

The fact that so many people in Canada own or work for small businesses—and the fact that small businesses help to create jobs—means that there is a great deal of support for small business in Canada.There are programs in most high schools that teach students about entrepreneurship.There are also courses and training programs at many colleges and universities. Learn more

Notice of layoff/termination

Notice should be given to a worker if he or she is to be laid off or let go—which are the other terms used for being “fired” from a job or losing a job.The length of notice is governed by the labour legislation that applies to your province or territory.

Salary

Employees working for a company are usually paid a salary or a wage. A salary is the total pay for a year, for example, $39,000 a year.The salary will be divided into payments such as once a week, once every two weeks, or twice a month. For example, if a person earning $39,000 is paid every two weeks, he/she would receive $1,500 every two weeks minus deductions such as income tax, Canada Pension Plan contributions, Employment Insurance, and so on.The result is your “take home pay” or “net pay.”

On-the-job training

Some employers will provide opportunities for “on-the-job” training.That is, they will seek out workers with the education and work habits they want and provide an opportunity for them to develop the skills while working on the job.This is a great option especially if you have the personality, education, and experience that enables you to learn well on the job.

Human rights

Canada has a Charter of Human Rights and Freedoms.These laws are designed to protect personal rights and prevent discrimination in all aspects of life including activities in the workplace. See page 226 for more information on human rights in Canada.You can learn more about “equality in the workplace” at www.hrsdc.gc.ca/eng/labour/equality/index.shtml.

Pages