Independent Contractor vs Employee

[Igottago]

Does anyone know a simple/rough way to calculate what an hourly rate as a contractor would translate into as an annual employee salary (taking into consideration tax rates, benefits, etc)?

I'm trying to make a decision as to whether going the independent contractor route would be beneficial to me or not.

Thanks for any input.

[sixpacked]

Don't just look at benefits, wages to see that it is beneficial. Take a look from CRA's point of view.

http://www.cra-arc.gc.ca/E/pub/tg/rc4110/rc4110-e.html

You don't want to be crusing along for a year or two and all of a sudden an AUDIT determines that you are in fact an employee.

[Nufy]

My accountant told me that for the first few years to have multiple sources of income so that you are in fact not an employee.

You can do the majority of your work for one company but other clients help satisfy the CRA.

Currently I have three clients who keep me fully booked...

[calumniate]

nm

[Boblobla]

In the Oil and Gas field 20-25% is the rough amount you would add to your hourly rate as an employee to go contractor.

As a contractor you need to take into account:

1) WCB
2) Insurance (personal and vehicle as required)
3) Vacation/sick time
4) Benefits package