Hey everyone,
I'm wondering if anyone here has any experience has a contractor. I work for an EPC company in Calgary and I am currently a Salaried employee, most of my collegues have urged me to make the move to Contract work in the past but I never really gave it much thought using Loss Vacation, Benefits, Company RRSP Contributions, and Severance as factors working in Salarys favour.
I just got a very desirable offer for a contract position through a staffing agency but as someone who has no experience as a contractor I'm sort of confused about how this will work espeically regarding my taxes. I know I will lose all my benefits which is fine as the boost in pay more than covers that but I am curious how this will effect my taxes. I've heard there is several ways to make this work for you but this is kind of the part I am unclear on. Will you be paying roughly the same amount of taxes?
I should also mention that my wife get's benefits for the family too so I will not have to pay to recieve them.
I'd love to get some opinions/advice about the pro and cons of this from some people who have experience on this matter.
I'm wondering if anyone here has any experience has a contractor. I work for an EPC company in Calgary and I am currently a Salaried employee, most of my collegues have urged me to make the move to Contract work in the past but I never really gave it much thought using Loss Vacation, Benefits, Company RRSP Contributions, and Severance as factors working in Salarys favour.
I just got a very desirable offer for a contract position through a staffing agency but as someone who has no experience as a contractor I'm sort of confused about how this will work espeically regarding my taxes. I know I will lose all my benefits which is fine as the boost in pay more than covers that but I am curious how this will effect my taxes. I've heard there is several ways to make this work for you but this is kind of the part I am unclear on. Will you be paying roughly the same amount of taxes?
I should also mention that my wife get's benefits for the family too so I will not have to pay to recieve them.
I'd love to get some opinions/advice about the pro and cons of this from some people who have experience on this matter.