To: TIMTS
If you luck out on getting a job, ask your employer if he would consider hiring you as a contractor. If he agrees, you can get a good Canadian Chartered accountant and he can open a business in your name. It would cost about $600 Cdn.
Once you have started to work you will bill the operator for hours worked as well as billing him for appropriate taxes which you in turn will pay to the provincial and federal governments.
You can pay yourself a salary and this will be taxed as personal income. The rest goes into the corporation. You can spend the corporations’ money as long as it is a legal expenditure. I bought a car for my business and wrote off a computer and all my business expenses.
You will also have to pay social security on your personal income as well as Canadian old age pension. I worked for 11 months under my business and being over 65 I get $34.00 per month for my old age benefit.
Give it a try. Good luck
