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Deleted member 50930
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If I decide to work part time, am I going to make more money as a Independent Contractor compared to hourly?
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Will you make more money as an independent contractor? Not enough information from the above.
Are the numbers above what you currently make as an employee? How much do you think you can you charge as a contractor?
The whole point of being a contractor is not the deductions, but to charge an arm and a leg above what an employee would make. I've seen numbers like 1.75x-2.5x the salary of an employee doing the same job. Because you're not getting benefits, matching RRSP contributions, vacation, UI insurance.
Maybe I'm a bit a dense, but it's still unclear what you are asking.
Will you make more money doing P/T contracting as opposed to what? Doing the extra work as an employee? Is this the same company and job offering you more work as a contractor?
Will you make more money doing P/T contracting as opposed to what? Doing the extra work as an employee? Is this the same company and job offering you more work as a contractor?
There may be something fundamentally wrong with your plan.
If you’re already making a salary, and then making an extra 30k….the 30k gets added to your existing salary for tax purposes. So it may be a whole lot more than 25.7%.
Why deduct 10% only? Seems low especially if you have to drive a fair distance to the site.
Then you can deduct your phone, electricity, rent portion, mortgage interest portion, etc etc…get a GOOD (expensive) accountant…and you can deduct them too!
EDIT: contractors make more typically because the employer doesn’t have to mess around with taxes, CPP, EI, benefits, vacation, etc etc…
My company whored me out for 2.4x to other companies. I got eff all out of that.
If you’re already making a salary, and then making an extra 30k….the 30k gets added to your existing salary for tax purposes. So it may be a whole lot more than 25.7%.
Why deduct 10% only? Seems low especially if you have to drive a fair distance to the site.
Then you can deduct your phone, electricity, rent portion, mortgage interest portion, etc etc…get a GOOD (expensive) accountant…and you can deduct them too!
EDIT: contractors make more typically because the employer doesn’t have to mess around with taxes, CPP, EI, benefits, vacation, etc etc…
My company whored me out for 2.4x to other companies. I got eff all out of that.
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Deleted member 50930
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LOL everything I wrote is wrong 
Post the question to Reddit PFC…lot of good info can be had there.LOL everything I wrote is wrong
Tax is going to be a big one. You’ll still make more, but your tax rate will most definitely rise. Easy enough to figure out.
LOL everything I wrote is wrong
It's not wrong if you're asking questions.
Yep. I asked a customer how much he was paying my company to send me onsite. $2k USD/day *plus* T&E. (these numbers are like 15-20 years ago)
Consulting wasn't even my main job, I was just filling in.
I had to laugh.
F-n crooks.
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Deleted member 50930
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I did the math and the contractor role brings in over $16k more 
I did the math and the contractor role brings in over $16k more
Do it. And good on you for getting out there and hustling your ***.
Stay hungry!
After tax? That’s a o good chunk toward the down payment (or cocaine….either or).I did the math and the contractor role brings in over $16k more
Honestly it’s a good way to get ahead….BUT…make sure your wife is onboard as working 2 jobs can really strain a marriage, and see if the additional coin is worth your mental health.
Hell I’d probably jump onto something like that. Wife is stopping working soon so finances will be tighter until she gets back into it.
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Deleted member 50930
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^^
You have kids, not worth it
You have kids, not worth it
No idea what is required in your field but incorporation, insurance, accountant, corporate tax, etc can all eat into that 16K. Structured properly you can also move income around so if you have a good year you can push some income to a future year to minimize the tax bill.I did the math and the contractor role brings in over $16k more
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Deleted member 50930
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^
This is low income ~$30-35k but you are right. The amount of time spent doing book-keeping or hiring someone may eat up this difference
This is low income ~$30-35k but you are right. The amount of time spent doing book-keeping or hiring someone may eat up this difference
The problem is many of the costs are reasonably fixed regardless of cashflow (other than corporate tax obviously). For many of the ones I listed, I expect very little difference in costs whether you are generating 30K or 300K a year. Now, you can skip some of them like incorporation, business bank account, etc to save some money but don't be lazy with your bookkeeping or you will have an ugly mess trying to separate business from personal expenses.
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Deleted member 50930
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Hmm I might need a HST number
Interesting
Interesting
Yup. Technically if you are billing less than 30K, no you don't but a) you don't want to appear that small and b) the day you cross the line, you are required to register for a number so you don't want to put that pressure on yourself at a busy time (and then you would need to add HST to your bills which would annoy your client).
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Deleted member 50930
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So if I suspect I could make $31k then register now?
