is there any benefit of incorporating while working as IT contractor at low hourly salary?
Lets say a person gets an offer of a 6 month contract at $50/hour but is required to incorporate. Considering that this really is a PSB as per CRA and the cost of doing corporate taxes plus the other hassles, is it even worth to waste time on such low paying contract jobs?
AFAIK, PSB can be hit with 44% income tax.
What kind of hourly rate & contract duration do you think justifies going for a contract job that requires incorporation?
Will appreciate any advice.
AFAIK, PSB can be hit with 44% income tax.
What kind of hourly rate & contract duration do you think justifies going for a contract job that requires incorporation?
Will appreciate any advice.