Contract job in a RECESSION - worth it?🇨🇦 | Q&A
Welcome to Series No Filters Thursday where we answer all your questions related to contract jobs in the U.S. from Canada! In this episode, we will discuss all sorts of things related to Contract jobs in the U.S. as well as in Canada.
If you have any more questions, feel free to write them in the comments!
Disclaimer: These videos are our personal views and opinion, they should NOT be considered as legal advice. We are not affiliated with any government organization or division. We assume no liability for how the information on this channel is used or interpreted and hence take no responsibility for any decisions that is made with regards to your application based on the information shared on this channel.
Time Stamps
00:00 - Intro
00:39 - Where to look for contract jobs
01:48 - How to get U.S. contract jobs from Canada?
02:49 - Is it only valid for a fixed time?
04:39 - Is it difficult to get another job?
05:26 - Contract jobs on Study Visa?
06:00 - Which expenses can you claim in tax filing?
06:51 - How do you know if you are being paid fair?
08:08 - How do taxes work in a contract job?
10:02 - Do banks provide mortgages on a contract job?
11:21 - Is it common to convert contract jobs to full-time in Canada?
12:18 - Is contributing to EI an option?
13:39 - What are the things to negotiate in a contract job apart from the rate?
14:25 - Should you contract as an Incorporation or Sole proprietor?
15:10 - Do you have a probation period in contract jobs?
15:15 - Can we do moonlighting in Canada?
16:01 - Would you recommend switching to a contract job next year given the recession?
17:03 - HST in contract jobs?
17:58 - Closing
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Пікірлер: 75
Thankyou for answering my Q.. this was a very insightful video!
@Potatotalkies
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Was waiting for this video!
@Potatotalkies
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👏👏
@willknowledge1
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Which video is your talk about Inc and breakup of dividend vs salary etc as you mentioned in this video that there is some video you did earlier on that?
Please note that Non-competing clause is not enforceable (for new contracts) anymore in Quebec. It’s same in California as well.
Thank you for this video.
@Potatotalkies
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@willknowledge1
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Cyber security or business analyst which is a better option
This must be one of the most anticipated recession of past 25 yrs.... its funny...so many people talking about it. thr. is certainly a lesson to be learnt from it
@willknowledge1
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Hey guys can you please clarify if contractual jobs are recognized by IRCC as CEC for PR application ?
Great Video!!
@Potatotalkies
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Thank you 😊
@willknowledge1
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Hello Guys, I've a question. I've completed my 2-year Post Graduate Certificate and doing Co-op right now. My employer wants to continue and has offered me a contract job for 1 year. I'm on a study permit right now and have told them that I'll reply them after I apply my PGWP. So should I take this contract or should I apply to another company which offers me Full-time employment..? Thank you
Thanks for sharing the details. Do we require USA work permit to get contract jobs there if we have Canada PR? Thanks.
@willknowledge1
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Good video!✌️
@Potatotalkies
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Thank you 😊
Can we work for a US Company as remote job after PR
for the PSB vs INC. To be considered as INC. in IT (Do we have to make multiple contracts within the same year or anytime with in a span of few years ?)
@Potatotalkies
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As far as I know - it’s more than 1 contract per year. But talk to a tax accountant pls.
@amyz5110
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Yes, more than one contract in the same year. You basically have to prove that you are not someone who could have been an employee anyways as you are running it like a business
@willknowledge1
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100k on contract is better than full time 100k as tax rate goes down, you can expense things out, you get more in hand
@Potatotalkies
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Assuming you aren’t spending all of it on household expenses, rent, mortgages
@willknowledge1
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Will it be violating of visa if an H4 visa holder works a canadian contract job? Or is that not possible at all unless the H4 visa holder also has a Canadian work permit?
@Potatotalkies
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No idea :/
@willknowledge1
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one question, my wife is on a contract for 1 year but her EI,CPP and HST also gets deducted, isn't that consider a contract job ?
@Potatotalkies
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We talked about this in the first 3 mins of the video - it is a contract but it’s like a full time job with benefits and not incorporated. No tax benefits there.
@willknowledge1
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Can u discuss about why ircc did not conduct any draw last wednesday? What is ur opinion on this?
@willknowledge1
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Can you help my son for finding co.op .he is doing his ms 3rd sem from Dal University.
Can you share a reference of a Tax consultant? It’s been a big struggle to find a good one
@willknowledge1
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@willknowledge1
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@@sunilgrover87 let's talk👆
good job
Nav which job do u do??
Hi, hav 2 questions ..Simran u worked for usa company on a contract, did u need work Visa or were u able to work on a Canadian PR? 2nd question Yeah sweater kaha se liye ?
@willknowledge1
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Hey guys i posted this comment in one of your previous videos, please answer this in your upcoming videos. Looking forward to hear from you. “Your comment about Vancouver being over rated. Please suggest a place similar to Vancouver in terms of job opportunities, weather and outdoor activities. May be answer it in the upcoming video as i am planning to move to canada in 2023 and my heart is set on Vancouver.”
@Potatotalkies
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The only reason is cost of living - high cost of goods, rents, expensive homes But you should do what’s best for you :) you can always move if you don’t like it 😀
@allitm4642
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I live near Vancouver, BC and Simran and Navjot are right about high cost of living, otherwise you will love it, especially the milder weather 👍🙏
Is it ok to work on a contract job if you have PNP nomination?
@Potatotalkies
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Sure that’s fine 👏
@willknowledge1
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That new Apple Watch Ultra is looking good.
@Potatotalkies
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Wow!! That’s some observation Thank you 😊
@willknowledge1
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Do you guys have friends in Montreal? Keep up the great work Simran and Navjot 👍
@Potatotalkies
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Hey, Simran’s college friend is in Montreal 😀
@allitm4642
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@@Potatotalkies if possible, do an interview with her on cost of living in Montreal, public transportation etc.
@ersandy4u
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Montréal is awesome! Ask me anything. 3 things that you may not like here is 1) French at work. Not verbal communication but documentation is to be produced in French (and English) after the Bill 96 has been introduced. 2. Roads in Montréal are probably worst as compared to all major Canadian cities. 3. Healthcare is broken like rest of Canada. Presently, you can see a doctor in 16-24 hours in an emergency but ER Nurses do the triage and first aid right away.
@SivaKumarthestar
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Need a help in registering corporation in Quebec, can some help
@ersandy4u
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@@SivaKumarthestar leopold linca notary can help. Google him.
We are getting a combined sal of 223k gross, shud we come. Would we be able to survive, we are a family of 3 adult and a pet
@willknowledge1
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@monikagupta9922
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I did not understand, would we be able to stay comfortable or struggle
Can you clarify more about PSB...
@Potatotalkies
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www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-income-tax-return/tax-implications-personal-services-business.html
@willknowledge1
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Guys let’s say someone earns $125k in a full time job and gets 5 weeks of paid vacations and all benefits covered by the company. Is it still worth to take contract job where you have no vacations and no benefits but you get paid more let’s say $170k?
@Potatotalkies
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Purely from a money that you keep point of view… it makes sense to go for 170K For salary of $125K, you will keep $84,000 after deductions (So 67%) If you earn 170K and take 100K in dividends while keep the rent of 70K in the corp (invest from there): 100K dividends, you keep 70K 70K in corp, you keep 61K Total 131K out of 170K Overall deductions - 77% Not counting expenses claimed. But again, like we said, money is not the only reason :)
@willknowledge1
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I don't think you get EI when your corp pays you...
@Potatotalkies
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You don’t get it if you lose your contract or job… but you do get it if you need paternity / maternity leave. Again, talk to the accountant :)
All nonsense information you guys are giving about Canada -
@willknowledge1
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