- Definition
Income is the money a person gets, usually from their job or from things they've invested in.
The regular salary a person earns from working as a graphic designer is their income.
How to teach this in 30 seconds
Try this analogy: Income is like the money you earn from a part-time job, which you can use to build a budget for spending and saving.
Ask your child: What are some skills you have that could help you earn an income one day?
Common mix-up: Kids may think any money they receive, like a birthday gift, counts as income. Income specifically refers to money earned from working a job, running a business, or making investments.
Examples
- Money earned by mowing lawns or babysitting for neighbours.
- Profit received from selling handmade crafts at a local community market.
income is a term used in Ontario’s Kindergarten to Grade 8 curriculum.
Where this shows up
The descriptions on this page are SmartStudy’s own original, plain-language writing — not the Ministry’s wording. They are aligned to the Ontario Curriculum, © King’s Printer for Ontario. For the Ministry’s official wording, see the source link below. SmartStudy is an independent service and is not affiliated with, endorsed by, or sponsored by the Government of Ontario or the Ministry of Education. Ontario Curriculum and Resources ↗
