Job Seekers thread Mark 2

[Nufy]

Originally Posted by GGG

One thing to note when figuring out a reasonable contractor rate relative to Salary is to ensure you are getting a reasonable premium over your typical Salary number.

8% for four weeks vacation
5% for employer CPP
2% for employer EI
2% for Sick Days
5% RSP matching
2-3% health plan / insurance
2-3% stat days
———————————————-
Just to be close to even in a PSB you need about 25-30% more money to be equivalent with a Salary plus benefits scenario.

When I switched from employee to contractor 10 years ago...I figured out my hourly rate based on standard working hours per year...and doubled it.

YMMV...

[CaptainCrunch]

I've negotiated a rate that gives me significantly more then I was making in the last job that makes me happy.


I won't have a ton of business expenses, as this is mostly at home work, so I don't have to buy much infrastructure. But I have a ability to write off expenses in terms of use of home office and car etc for business.



I looked at Blue Cross for additional protection, and its relatively inexpensive for what I need. Vision, dental, prescription insurance etc.


We're going to do a 1 year contract, but after 6 months, we're talking about negotiating in an incentive based on business growth to add to the hourly which is nice.


It looks like its pretty easy to set up a sole proprietorship for example, and get a GST number. I can set up a business account with my bank.


The nice thing is if this works, though its a full time role, I can start prospecting to help other companies out with their sales and marketing strategies and coaching.

[CaptainCrunch]

I hear that Locke comes highly recommended.

[jmac98]

Originally Posted by CaptainCrunch

Great news Its always better to have someone reach out to you. Go get it.


I received my contract offer today, I told him I'm going to take a few days to review. I mean pay wise its way more then I was making in the last job I was at, and that covers the stuff listed above.



I just need to figure out the mechanics of how to do it.


I know I have to set up a business and get a GST number etc. Set up a business checking account.


I just need to figure out the mechanics of how I pay myself after I invoice and receive the money which I put into my business.


Anyways, I'm excited about the opportunity and it could be cool to try the contracting route as well.

Congratulations my friend, and thanks for taking us along on your journey throughout the entire process.

[Rutuu]

Originally Posted by CaptainCrunch

I've negotiated a rate that gives me significantly more then I was making in the last job that makes me happy.


I won't have a ton of business expenses, as this is mostly at home work, so I don't have to buy much infrastructure. But I have a ability to write off expenses in terms of use of home office and car etc for business.



I looked at Blue Cross for additional protection, and its relatively inexpensive for what I need. Vision, dental, prescription insurance etc.


We're going to do a 1 year contract, but after 6 months, we're talking about negotiating in an incentive based on business growth to add to the hourly which is nice.


It looks like its pretty easy to set up a sole proprietorship for example, and get a GST number. I can set up a business account with my bank.


The nice thing is if this works, though its a full time role, I can start prospecting to help other companies out with their sales and marketing strategies and coaching.

Congrats Captain. You're definitely a go getter/self starter when it comes to this stuff. The contracting world could be a good spot for you.

[CaptainCrunch]

Thanks all, I'm pretty pumped up right now.



I'm still going to do the interviews that I have booked for tomorrow. Just to see where they go, in case something falls through.



But I feel like a 10,000 weight has dropped off of my shoulder.


I still want this thread to be a resource spot for everyone, everyone was a real help to me in sorting stuff out.

[Lubicon]

Originally Posted by CaptainCrunch

So its funny, since I modernized my resume and made a pretty cover letter last week, I've set up 7 interviews. I'm negotiating on the contract role, which is a little back and forth. I'm hopefully moving to next steps on two of my interviews, and just had another reach out on an application tonight.


So what did I learn


1) It has to be pretty and have colors to it, when I went and got coaching, she said even though my resume was functionally ok, it didn't look good compared to other people.

2) If your older like me, remove anything but your latest 15 years of work history. Even though people deny it, there's a lot of ageism happening, especially in the current environment.

3) Less is more. Put in three real selling points per job. Don't just put in what you did, but make sure you talk about what you achieved or improved or changed.
4) Again on the age side, remove the date of graduation from university if your a little older.
5) Make sure that you put a skill set section in your resume with every skill that you have, this can get you past the applicant tracking system that filters resumes.

Hopefully this helps some of you.

This is good Captain, and also good to hear you may be having some success (hope I'm not jinxing that).

The part about older people not going back more than 15 years is interesting to me because that would only leave my last two positions on my resume which doesn't seem like a lot.

[CaptainCrunch]

I did it, and on my very next interview they asked me if I was working before 2005, and I honestly told them yes. They asked why I left it out and I said that 15 years of work history should be enough of a snap shot, and I'd be more then happy to send them an extended CV, though the last 15 years of work is probably more relevant to the role they're searching for.


It puts them on the spot as they agreed to talk based on what they saw, it removes age from the discussion.

[calgarygringo]

I did much the same getting frustrated at being the old experienced and senior guy. Put my resume down in years, prettied it up, short and swwet highlight points as you say and voila the phone rang. Educated myself on the scanning software too to make sure my resume would get noticed. Huge difference. Try being a geeky guy mid 60's being interviewed by young 20 somethings. You get the look or you get one that is looking for a junior person and I am a senior experienced and was really hoping for a fresh grad even though it was clear I would still be a junior. Working now though not my normal thing. Its at least a paycheck, pays bills and keeps me busy. Good tips.

Originally Posted by CaptainCrunch

I did it, and on my very next interview they asked me if I was working before 2005, and I honestly told them yes. They asked why I left it out and I said that 15 years of work history should be enough of a snap shot, and I'd be more then happy to send them an extended CV, though the last 15 years of work is probably more relevant to the role they're searching for.


It puts them on the spot as they agreed to talk based on what they saw, it removes age from the discussion.

[squiggs96]

Originally Posted by CaptainCrunch

I've negotiated a rate that gives me significantly more then I was making in the last job that makes me happy.


I won't have a ton of business expenses, as this is mostly at home work, so I don't have to buy much infrastructure. But I have a ability to write off expenses in terms of use of home office and car etc for business.



I looked at Blue Cross for additional protection, and its relatively inexpensive for what I need. Vision, dental, prescription insurance etc.


We're going to do a 1 year contract, but after 6 months, we're talking about negotiating in an incentive based on business growth to add to the hourly which is nice.


It looks like its pretty easy to set up a sole proprietorship for example, and get a GST number. I can set up a business account with my bank.


The nice thing is if this works, though its a full time role, I can start prospecting to help other companies out with their sales and marketing strategies and coaching.

I said it earlier, and others have said it as well, but you need to talk with an accountant, and one that specializes in this space. You are saying things in your last few posts that aren't exactly in line with each other. Don't try and figure the mechanics on your own; have someone explain them to you and show you how to navigate the pitfalls while taking advantage of other areas.

I will reiterate you need to be wary of being deemed a PSB. If you have one client, whether you are a sole proprietor or a corporation, and you're in IT, you will almost assuredly be a PSB. This means that your income is taxed at the highest rate and your expenses may be denied. Those office expenses and cars might not be eligible. Here is posting on a CPA group's website that talks about common IT contractor PSB items: http://www.cpa4it.ca/services/person...-business-cra/. I am not recommending them or disauading you from choosing them. I do think it's an excellent page. They are in Toronto.

Some general items of note: You don't need to register a sole proprietorship if it's just your name. You can register a name, or operate under your own name, or both. If you operate as a sole proprietorship you can be held personally liable for business debts. Under a sole proprietorship you don't pay yourself. You bill people and they pay you. You put that amount in your bank account. You deduct your expenses and then remit income taxes on that when you file your T1. You are taxed at the personal level of the net income from the sole proprietorship. It's completely different than a corporation. In the corporation you can have yourself be an employee and/or shareholder. You can pay yourself a salary, bonus, and/or dividends. The income earned in the corporation is taxed at the corporate rate and then any money you take out through various means is taxed to you at the personal rate. There are many reasons to leave income and/or money in the company and/or to take it out. There are professionals who can walk you through this.

When I need a suit I go see my tailor. I don't figure out how to make a suit. When a company needs an experienced CFO, they call me. They don't get the VP, HR to try and figure out how to get a $200 MM construction loan.

[CaptainCrunch]

Thanks all for your help and advice in terms of answering questions, whether through this thread or through DM, its great advice from experienced IC and accountants as well.



I really appreciate all the help and its why I'm really proud of this community and what its become.

[CaptainCrunch]

Add on, I'm still interviewing, but if I decide to take this Contract, which is becoming more likely by Monday.



If any of you have a sales and marketing background and are looking, maybe I can recommend or help you get in touch with these contacts.


Let me know, maybe DM me.

[nik-]

Originally Posted by CaptainCrunch

I hear that Locke comes highly recommended.

Huge Star Wars fan meets huge Star Wars fan accountant. I can only imagine the conversations.

[monkeyman]

Originally Posted by CaptainCrunch

Great news Its always better to have someone reach out to you. Go get it.


I received my contract offer today, I told him I'm going to take a few days to review. I mean pay wise its way more then I was making in the last job I was at, and that covers the stuff listed above.



I just need to figure out the mechanics of how to do it.


I know I have to set up a business and get a GST number etc. Set up a business checking account.


I just need to figure out the mechanics of how I pay myself after I invoice and receive the money which I put into my business.


Anyways, I'm excited about the opportunity and it could be cool to try the contracting route as well.

Congratulations Captain. Awesome to hear a good news story right now.

[DoubleF]

Originally Posted by CaptainCrunch

Thanks all for your help and advice in terms of answering questions, whether through this thread or through DM, its great advice from experienced IC and accountants as well.

I really appreciate all the help and its why I'm really proud of this community and what its become.

Congrats Captain!

I agree with other comments that for some of this stuff, it is a good idea to get an accountant involved who knows their stuff and get them to help you set up properly. You can get professional help for some or all of the necessary work, it's up to you. It seems expensive at first, but it might actually save you more money and headaches down the road.

A couple hundred dollars per year savings could easily turn into several times that in tax inefficiencies (ie: regular vs quick method of GST) and other things. I've seen it happen.

[CaptainCrunch]

By the way, Ozzy and Lock were awesome in DM in terms of advice and bearing with my sometimes probably stupid questions.



I'm glad that I could leverage some contacts for this endeaver and I feel better about this whole thing.


After today, its pretty likely that I'm going to take this journey. I had an interview with a company and they were honest that they had been really struggling in this territory, had replaced staff for performance and this felt like a desparate last roll of the dice for this region.


the other one, was interesting, I doubt I'm in the top 10, and the interview process is going to take weeks.


I'm taking the weekend to make my decision, but I'm really leaning towards taking control of my future and trying to do something for me.

[rayne008]

Originally Posted by CaptainCrunch

So its funny, since I modernized my resume and made a pretty cover letter last week, I've set up 7 interviews. I'm negotiating on the contract role, which is a little back and forth. I'm hopefully moving to next steps on two of my interviews, and just had another reach out on an application tonight.


So what did I learn


1) It has to be pretty and have colors to it, when I went and got coaching, she said even though my resume was functionally ok, it didn't look good compared to other people.

....

Who did you find to do your coaching? Would you recommend them?

[calgarygeologist]

What is everyone's opinion on dress code for a digital video interview? I have to do one in the next 48 hours. It isn't an actual video conference but rather one of those interviews where you record a video of you answering a question. Would it be acceptable to just do business casual such as a button down shirt? Should I throw on a tie? Jacket required? Do I have to put on pants?

[Ozy_Flame]

Originally Posted by CaptainCrunch

By the way, Ozzy and Lock were awesome in DM in terms of advice and bearing with my sometimes probably stupid questions.

No questions are stupid, especially when there is no obvious answer to switching gears career wise. Happy to help!

[InglewoodFan]

Originally Posted by calgarygeologist

What is everyone's opinion on dress code for a digital video interview? I have to do one in the next 48 hours. It isn't an actual video conference but rather one of those interviews where you record a video of you answering a question. Would it be acceptable to just do business casual such as a button down shirt? Should I throw on a tie? Jacket required? Do I have to put on pants?

I've just done business casual, no tie no jacket. Pants are your call.

I have hired a few new grads and they tend to do tie at least, but I am assuming you aren't entry level.