Independent contractor - PSB
Hi,
I am on a 6 months’ contract working for a publicly traded company through an agency, I basically perform the same task as other employee so I will probably be considered as PSB if Revenue Canada look into it.
If I use the income to fund my other business investment, can they be written off as expense? or are do I have to keep the contractor income separate?
Also, will paying all my income as salary my best option? Once I need to setup a Payroll account, do I have to pay EI or CPP. If I have to pay EI, can I collect EI if the company decide not to renew my contract?
How often I have to pay myself, is monthly or even quarterly ok? Will I be eligible to claim deduction for mileage and 407?
I am on a 6 months’ contract working for a publicly traded company through an agency, I basically perform the same task as other employee so I will probably be considered as PSB if Revenue Canada look into it.
If I use the income to fund my other business investment, can they be written off as expense? or are do I have to keep the contractor income separate?
Also, will paying all my income as salary my best option? Once I need to setup a Payroll account, do I have to pay EI or CPP. If I have to pay EI, can I collect EI if the company decide not to renew my contract?
How often I have to pay myself, is monthly or even quarterly ok? Will I be eligible to claim deduction for mileage and 407?
