Seeking advice: Working remotely in Canada for US employer
I've been doing some reading on RFD to try and glean enough information, but I couldn't seem to find a posted scenario close enough to mine. Would really appreciate some tips, tricks, corrections and caveats please
I've just accepted an offer from a US-based employer to work remotely whilst living in Canada (my username gives away location). The position is considered independent contract work, though it's essentially evergreen full time employment.
It's been almost 10 years since I've last been a contractor, and this'd be the first time I've done it across borders so I'm completely foreign to what is going to happen.
- Incorporate? Sole proprietor?: I think the jist of the tax implications is that it's not that advantageous anymore (unless I'm totally wrong), but is the extra work (and costs) involved with this worth the entity separation it'd create, protecting my personal assets? I don't think I'd be super-aggressive in writing things off (maybe %age of mortgage, property taxes, utilities, telco) to be fair, but I absolutely don't want anything affecting my home/family if things were to go South
- Insurance: Again, I'm only doing work for one company, no interaction with any outside organizations (eg. cloud ops guy). Would it still be wise to get some sort of liability insurance or is that a waste of money in my scenario?
- Accountant: A future colleague has stated that it'd be wise to let someone take care of everything for me. Problem is, it's apparently ~$110-$150/month for this if they do all the remits. I'm not shy doing personal taxes, but this seems like an entirely different beast.
- USD account: I'll be paid in $US (yay, I think?). What would be the best setup to accept the $US, while saving on some of the exchange rate fees the bank shaves off when I convert to $CAD?
- Taxation: Aside from the Canadian side of taxes which I've indirectly asked about above, do I need to submit anything, tax or not, to the US gov't/IRS?
Thanks very much!