Finance Simulator
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Free lesson plan · For teachers, librarians and group leaders
Six timed steps with the exact words to say, built on a made-up person's pay. No money background needed, and nobody shares their own numbers.
About 5 minutes, before people arrive. Tick each one as you go.
You need: A screen or projector, the internet, and this guide. Optional: a printed handout for each person (Step 6).
Meet the sample person. 32 years old. Lives in Ontario. Earns $75,000 a year before tax.
Six steps, 15 minutes. Tap a step to jump to it.
“Someone earns $75,000 a year before taxes. How much do you think they actually get to keep?”
Write three or four guesses where everyone can see them. Nobody guessing? Ask: “More than half, or less?” Keep the screen off.
“Let’s find out.”
Turn the screen on. In the Your take-home box, point to the big number: what is left after taxes. The small numbers are the same money per cheque, per month and per week.
“Who guessed closest?”
“Now let’s see where the rest went.” Point to each line:
Federal income tax and Provincial tax: “Federal tax goes to Canada. Provincial tax goes to your province. Both pay for health care, roads and schools.”
CPP + EI: “CPP is the Canada Pension Plan: a pension you build. EI is Employment Insurance: pay if you lose your job.”
Pick a different province in the list. Watch the provincial tax change.
“Where you live changes your bill.”
“A real pay stub can have more lines than this.”
Say the per-cheque number out loud. Find Paycheque deductions (money taken off your pay). Click + Pension / RPP, type 100, and leave it on Pre-tax (taken off before tax).
“Take-home dropped by less than $100. Why?”
“Pension money comes off before tax is worked out, so you pay less tax.”
Click Build my budget. Point to the three boxes: Needs, Wants and Save & Invest.
“This is the money left each month. A popular split is 50/30/20: 50% for needs, 30% for wants, 20% for saving. It is a starting point, not a rule.”
“Needs are things like rent and groceries. Wants are things like eating out.”
“Is a streaming subscription a need or a want?”
Change Dining out to 100. Watch Left to allocate (money with no job yet) grow.
“What would you do with the extra?”
Point to Save & Invest.
“A TFSA grows tax-free. An RRSP lowers your tax today. An FHSA helps you save for a first home. Each line shows your room this year.”
“It also estimates your RRSP refund: money you could get back at tax time. An estimate, not advice.”
“What is one thing you learned today?”
Hand out the one-sheet, “What to do with your money, in order.” Point to step 1: Track your spending.
“Start at the top. Stop at the first step you have not done. That one is yours.”
“At home, you can try your own numbers. They stay in your browser.”
No. It gives estimates to help people plan.
That is normal. It is an estimate. Real pay stubs can have more lines, like benefits or union dues. You can add them under Paycheque deductions.
At home is best. They stay in the browser, and there is no account. In the room, stay with the sample so nobody has to share.
Multiply: hourly rate × hours a week × 52. The salary box shows an example.
Quebec has its own pension plan (QPP) and parental insurance (QPIP), and a lower EI rate. The planner uses all three.
For teachers, librarians and helpers · Canada · reviewed 4 November 2026
How to use this: Read page 1 before you teach. Hold page 2 while you teach. No money background needed.
By the end, everyone will:
You need: A screen or projector, the internet, and this guide. Optional: a printed handout for each person (Step 6).
Meet the sample person. 32 years old. Lives in Ontario. Earns $75,000 a year before tax.
Is this financial advice?No. It gives estimates to help people plan.
My pay stub is different.That is normal. It is an estimate. Real pay stubs can have more lines, like benefits or union dues. You can add them under Paycheque deductions.
Can we try our own numbers?At home is best. They stay in the browser, and there is no account. In the room, stay with the sample so nobody has to share.
I am paid by the hour.Multiply: hourly rate × hours a week × 52. The salary box shows an example.
What about Quebec?Quebec has its own pension plan (QPP) and parental insurance (QPIP), and a lower EI rate. The planner uses all three.
DO = click or write. ASK = a question for the room. SAY = read out loud, as written.
“Someone earns $75,000 a year before taxes. How much do you think they actually get to keep?”
Write three or four guesses where everyone can see them. Nobody guessing? Ask: “More than half, or less?” Keep the screen off.
“Let’s find out.”
Turn the screen on. In the Your take-home box, point to the big number: what is left after taxes. The small numbers are the same money per cheque, per month and per week.
“Who guessed closest?”
“Now let’s see where the rest went.” Point to each line:
Federal income tax and Provincial tax: “Federal tax goes to Canada. Provincial tax goes to your province. Both pay for health care, roads and schools.”
CPP + EI: “CPP is the Canada Pension Plan: a pension you build. EI is Employment Insurance: pay if you lose your job.”
Pick a different province in the list. Watch the provincial tax change.
“Where you live changes your bill.”
“A real pay stub can have more lines than this.”
Say the per-cheque number out loud. Find Paycheque deductions (money taken off your pay). Click + Pension / RPP, type 100, and leave it on Pre-tax (taken off before tax).
“Take-home dropped by less than $100. Why?”
“Pension money comes off before tax is worked out, so you pay less tax.”
Click Build my budget. Point to the three boxes: Needs, Wants and Save & Invest.
“This is the money left each month. A popular split is 50/30/20: 50% for needs, 30% for wants, 20% for saving. It is a starting point, not a rule.”
“Needs are things like rent and groceries. Wants are things like eating out.”
“Is a streaming subscription a need or a want?”
Change Dining out to 100. Watch Left to allocate (money with no job yet) grow.
“What would you do with the extra?”
Point to Save & Invest.
“A TFSA grows tax-free. An RRSP lowers your tax today. An FHSA helps you save for a first home. Each line shows your room this year.”
“It also estimates your RRSP refund: money you could get back at tax time. An estimate, not advice.”
“What is one thing you learned today?”
Hand out the one-sheet, “What to do with your money, in order.” Point to step 1: Track your spending.
“Start at the top. Stop at the first step you have not done. That one is yours.”
“At home, you can try your own numbers. They stay in your browser.”