Contract job in a RECESSION - worth it?🇨🇦

Contract job in a RECESSION - worth it?🇨🇦 | Q&A

Рет қаралды 11,763

Күн бұрын

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

@yellow-rt1ku Жыл бұрын

Thankyou for answering my Q.. this was a very insightful video!

@Potatotalkies Жыл бұрын

👏👏

@mathewjoseph651 Жыл бұрын

Was waiting for this video!

@Potatotalkies Жыл бұрын

👏👏

@willknowledge1 Жыл бұрын

👆👆✍️

@harkanwaljohar7642 Жыл бұрын

Thank you for this video.

@Potatotalkies Жыл бұрын

👏👏

@willknowledge1 Жыл бұрын

👆👆✍️

@souravmukherjee4987 Жыл бұрын

Please note that Non-competing clause is not enforceable (for new contracts) anymore in Quebec. It’s same in California as well.

@akhere4279 Жыл бұрын

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?

@REVIEWSONTHERUN Жыл бұрын

Good video!✌️

@Potatotalkies Жыл бұрын

Thank you 😊

@gauravsinghkhanuja5156 Жыл бұрын

Great Video!!

@Potatotalkies Жыл бұрын

Thank you 😊

@willknowledge1 Жыл бұрын

👆👆✍️

@manishdewan7903 Жыл бұрын

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 Жыл бұрын

👆👆✍️

@vibhutikotadiya8688 Жыл бұрын

Thanks for sharing the details. Do we require USA work permit to get contract jobs there if we have Canada PR? Thanks.

@willknowledge1 Жыл бұрын

👆👆✍️

@deepaksajotra6409 Жыл бұрын

good job

@kunalph 9 ай бұрын

Hey guys can you please clarify if contractual jobs are recognized by IRCC as CEC for PR application ?

@MustafaKhan-jy7fn Жыл бұрын

Cyber security or business analyst which is a better option

@RR-tf8ic Жыл бұрын

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 Жыл бұрын

As far as I know - it’s more than 1 contract per year. But talk to a tax accountant pls.

@amyz5110 Жыл бұрын

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 Жыл бұрын

👆👆✍️

@ravipanjwani100 8 ай бұрын

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

@TZingh11985 Жыл бұрын

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 Жыл бұрын

Assuming you aren’t spending all of it on household expenses, rent, mortgages

@willknowledge1 Жыл бұрын

👆👆✍️

@nochannel7100 Жыл бұрын

That new Apple Watch Ultra is looking good.

@Potatotalkies Жыл бұрын

Wow!! That’s some observation Thank you 😊

@willknowledge1 Жыл бұрын

👆👆✍️

@manpreetmavi5408 Жыл бұрын

Can u discuss about why ircc did not conduct any draw last wednesday? What is ur opinion on this?

@willknowledge1 Жыл бұрын

👆👆✍️

@vrbk Жыл бұрын

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 Жыл бұрын

No idea :/

@willknowledge1 Жыл бұрын

👆👆✍️

@jayantarora5934 Жыл бұрын

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 Жыл бұрын

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 Жыл бұрын

👆👆✍️

@sunilgrover87 Жыл бұрын

Can you share a reference of a Tax consultant? It’s been a big struggle to find a good one

@willknowledge1 Жыл бұрын

👆👆✍️

@willknowledge1 Жыл бұрын

@@sunilgrover87 let's talk👆

@amarpalkaur3014 Жыл бұрын

Can we work for a US Company as remote job after PR

@punamagr6592 Жыл бұрын

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 Жыл бұрын

👆👆✍️

@sahilpassi Жыл бұрын

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 Жыл бұрын

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 Жыл бұрын

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 👍🙏

@gurbhejchhabra3106 Жыл бұрын

Can you help my son for finding co.op .he is doing his ms 3rd sem from Dal University.

@allitm4642 Жыл бұрын

Do you guys have friends in Montreal? Keep up the great work Simran and Navjot 👍

@Potatotalkies Жыл бұрын

Hey, Simran’s college friend is in Montreal 😀

@allitm4642 Жыл бұрын

@@Potatotalkies if possible, do an interview with her on cost of living in Montreal, public transportation etc.

@ersandy4u Жыл бұрын

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 Жыл бұрын

Need a help in registering corporation in Quebec, can some help

@ersandy4u Жыл бұрын

@@SivaKumarthestar leopold linca notary can help. Google him.

@kunalvids Жыл бұрын

Is it ok to work on a contract job if you have PNP nomination?

@Potatotalkies Жыл бұрын

Sure that’s fine 👏

@willknowledge1 Жыл бұрын

👆👆✍️

@Zindadili13 Жыл бұрын

Nav which job do u do??

@VP-gj6yz Жыл бұрын

Can you clarify more about PSB...

@Potatotalkies Жыл бұрын

www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-income-tax-return/tax-implications-personal-services-business.html

@willknowledge1 Жыл бұрын

👆👆✍️

@monikagupta9922 Жыл бұрын

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 Жыл бұрын

👆👆✍️

@monikagupta9922 Жыл бұрын

I did not understand, would we be able to stay comfortable or struggle

@ersandy4u Жыл бұрын

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 Жыл бұрын

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 Жыл бұрын

👆👆✍️

@VP-gj6yz Жыл бұрын

I don't think you get EI when your corp pays you...

@Potatotalkies Жыл бұрын

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 :)