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Originally Posted by OldDutch
This is the story I got too. I was an IT Contractor until recent and my accountant told me there are many factors including where you work, how many clients, and percentage. They can come at you several ways.
There is much confusion right now. One story I heard was they are targeting the 10+ year guys first (low hanging fruit), then working out from there. Haven't heard through my network anything bad yet though. Another story has legions of auditors being trained as we speak to descend on Calgary to crack heads. All rumors passed on by my accountant. Who knows really at this point, as my guy has been on top of this and even he can't say.
All I know is that they can come back and re-asses you as PSB and you go from 13% to 50% range instant in back tax. So the only way to mitigate is not to contract unless you are truly a business.
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Your accountant is right. I've been keeping my eye on this sort of thing as well, and I've also heard the rumour of the army of auditors, but CRA are playing this one really close to the chest.
Nothing is set in stone, but I have a sneaking suspicion that this is going to hit like a sack of hammers.
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