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So, so many people have recommended I do the fake contractor thing. Dude, just pay your wife to do “HR stuff” or something. Wait, why buy a personal vehicle? Yo

So, so many people have recommended I do the fake contractor thing. Dude, just pay your wife to do “HR stuff” or something. Wait, why buy a personal vehicle? You could buy one for your company to travel to client meetings. You know you could be putting X amount into your “business”? Why lose all this money in taxes? The thing is, we need people to pay taxes because our public systems are having major issues and people earning or paying less is a real problem for all of us. Would I like to get more from what I earn? Yeah, in a sense. Do I need it? Not as much as the average Canadian. Not even close.

moneywoes 3y ago
Isn't that only an option when you have multiple contracts?
cmrdporcupine 3y ago
It does seem like in the last 10 years the tax code in Canada has become more strict and the CRA really doesn't like single-customer "corporations" anymore and ends up taxing them just like employment. So some of the holes at least have been plugged. For 10 years I worked at Google and pulled in what I would consider a ridiculous salary. But over 50% of it was pulled away in taxes. I am a socialist by conviction so don't complain about these kinds of taxes much, but it really chafed me to see people in contracting situations bringing in more than me by squirreling away money, hiding it from the gov't in these kinds of corporate arrangements.