Quote:
Originally Posted by Duruss
The work is mechanical/electrical and some software/network maintenance for a large high traffic organization. The bid that I would be subcontracted under is the client organizations second biggest revenue generator. I am not submitting the bid myself, the prime contractor is trying to budget for 35-40 an hour. And considering the size of the client there is no way I can not get the insurance, as they likely wouldn't allow me onsite without it.
Found out that the CPP contributions are 9.9% of my income after expenses. Plus I do have to collect GST after the first 30000.00 in revenue.
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- Check to see if your prime is providing insurance for the subbed work.
- When you set up your business number and GST account make sure to ask to go on "the quick method". It allows you to keep a portion of your collected GST instead of explicitly tracking your input costs. (If you are flowing through all your supply costs then you probably won't have much in the way of expenses and will make a bit of money on GST collection).