Google the last thread when someone wanted to become a contractor for tips/discussion of how bad this will end. You're employees already, and you think the CRA isn't going to notice?
Basically I'd say 25% pay increase is probably a little more realistic. You're losing vacation, OT (if applicable), benefits, issues with CPP/EI, tax & filing implications. Figure out what those are worth and add them to your salary plus a bit for good measure.
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