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I'm aware.. as I said I currently contract. But "extremely easy" is relative. It's still more hassle than being a salaried employee. If you make a non-trivial
by seabrookmx 4y ago
I'm aware.. as I said I currently contract.
But "extremely easy" is relative. It's still more hassle than being a salaried employee. If you make a non-trivial amount of money you'll need to pay your income taxes in installments and set it aside yourself (no deductions after all). You need to pay 100% of your CPP contributions. You're likely getting paid in non Canadian currency so need to get set up with a good forex provider or get ripped off by your bank (I use xe, but there's a few out there).
Also your point about not needing to charge sales tax depends on what country your employer is in. In my case it's true I don't need to charge because we have a tax treaty with the USA; for other nations this may not be the case. If no tax treaty is present, you need a GST registration #, charge your employer said GST, hold it yourself and then pay it out just like your income tax.
Also the extended health can't be overstated. If you have dental issues, bad eyesight, are on prescription drugs etc. it can make a real difference.
Generally I'd recommend contracting to people but I just want to be realistic.. it has it's downsides.