Quote:
Originally Posted by lorenavedon
will impact Calgary more than others because in Calgary the only people working on staff are government workers and about 5 other random people. Everyone is on contract and pay themselves in the lowest tax bracket or just dividends. This will impact contractors that need a legit salary to put a down payment.
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How completely wrong is this statement? Depends on the company and business but 80-90% of employees in an E&P are staff, not contractor. Engineering and geology, and sometimes IT where you've got project work where you like to dump staff when activity falls can be higher, but most people are staff, not contractor.
Though I'm with you when you say there are too many people leveraged to the hilt thinking income properties are the best thing ever... and I say this as a landlord.