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Duruss · 08-03-2015, 04:27 PM

So in the last crazy week I had a leap before you look moment about becoming a private contractor. Now that I have had a moment to think I have realized there are a number of things I don't know.

Now this situation is with someone who is trying to put together a tender, where I would invoice them for my hours and or supplies purchased. Now there are lots of details of the contract that I would subcontract under that I don't know. What I do know is that I would be paid around 35 to 40 an hour for 40 hours per week. No medical or vacation pay obviously and I could expense some of my vehicle costs.

Anyways I have some general questions that I am hoping can give me an idea of whether or not this is worth it.
1. Do I need to register for and collect GST
2. How do I pay/budget for CPP/EI and income tax
3. Do I need liability insurance
4. Do I need disability insurance
5. What book keeping do I need to do

Thanks for any input.

08-03-2015, 04:27 PM	#1
Duruss Scoring Winger Join Date: Nov 2012 Location: Sundre Exp:	CP Brain Trust: Being a Contractor So in the last crazy week I had a leap before you look moment about becoming a private contractor. Now that I have had a moment to think I have realized there are a number of things I don't know. Now this situation is with someone who is trying to put together a tender, where I would invoice them for my hours and or supplies purchased. Now there are lots of details of the contract that I would subcontract under that I don't know. What I do know is that I would be paid around 35 to 40 an hour for 40 hours per week. No medical or vacation pay obviously and I could expense some of my vehicle costs. Anyways I have some general questions that I am hoping can give me an idea of whether or not this is worth it. 1. Do I need to register for and collect GST 2. How do I pay/budget for CPP/EI and income tax 3. Do I need liability insurance 4. Do I need disability insurance 5. What book keeping do I need to do Thanks for any input.