Hello,
Just wondering if anyone has any insight into the tax implications of being part-time self employed on an IEC work permit.
I am currently employed full time and do my taxes through a T4 that the company provides me - simple enough! The opportunity has now come up for me to do some self employed part-time work on weekends and evenings, it wont be constant work though, it would just be every now and again. To give context, I am a construction estimator and a guy I used to work with wants me to prepare budgets for projects he is bidding on. I would be charging for professional services. The thing is, as I don't know what the volume of work will be I don't how much I would earn per year.
I know that invoicing through your SIN number is a done thing over here, but then how do you deal with the tax. As I wont be earning that much it wont be worth my while if I have to pay out too much in fees/tax. I would be charging by the hour - probably $40-$50 per hour, so as a guess I might do 20/30 hours every couple of months to earn around $6000 per year part-time.
Any advice would be greatly appreciated.
Thanks,
DJ
Just wondering if anyone has any insight into the tax implications of being part-time self employed on an IEC work permit.
I am currently employed full time and do my taxes through a T4 that the company provides me - simple enough! The opportunity has now come up for me to do some self employed part-time work on weekends and evenings, it wont be constant work though, it would just be every now and again. To give context, I am a construction estimator and a guy I used to work with wants me to prepare budgets for projects he is bidding on. I would be charging for professional services. The thing is, as I don't know what the volume of work will be I don't how much I would earn per year.
I know that invoicing through your SIN number is a done thing over here, but then how do you deal with the tax. As I wont be earning that much it wont be worth my while if I have to pay out too much in fees/tax. I would be charging by the hour - probably $40-$50 per hour, so as a guess I might do 20/30 hours every couple of months to earn around $6000 per year part-time.
Any advice would be greatly appreciated.
Thanks,
DJ