I'm on salary with my employer. They have us punching a clock to see the hours that we work during each shift. We were told that if we work overtime that it would be paid to us quarterly, OR given to us as time off. We were told this would happen depending on the mood of management. We are now told that if work is done early that we can leave early, and that the company will bank this time 'owing back to company'. We have never been told this until now, and because we are salary we shouldn't have to owe, but if overtime is happening, we should be paid such as? Is this legal?

Not up 100 percent on Canada, but since it is not in the US, I doubt it is there. Sounds like something that needs to go to a labour board

Winston and Me

The answers are in Article VII of the employment standards act of 2000.
Employment Standards Act, 2000, S.O. 2000, c. 41

This is under the jurisdiction of the Ontario Ministry of Labour.

Laws ? Employment Standards | Ontario Ministry of Labour

There are specific limits on the hours you can be asked to work unless an agreement is signed between the company or the employee or an exception is granted to the company by the Ministry of Labour.

This does not sound like a correct way to conduct business. I would contact the Ministry and discuss it with them.

I process my Canadian Payroll in Alberta and British Colombia, but I would never process in this manner. I can't imagine that it is correct in Ontario.

Shirley