Quote:
Originally posted by Buster
- You can't really write off "part of your house". You can deduct certain expenses generated from your house, but there are rules here that are worth reading.
- Don't bother with leasing a car through the corporation. The CRA doesn't like this either, and it doesn't end up being an advantage.
- If you pay yourself a salary, you will need to remit for EI/CPP.
- The rules to avoid being called a PSB are a bit grey, and worth reading. But suffice to say it is more than "just getting one more contract". Your mix of revenue is also important (as a percentage).
- If you are an IT contractor, then good luck. The CRA literally came up with the PSB rules to address IT workers doing this.
That's funny, I know a ton of IT contractors doing exactly this. A couple who are really PSBs waiting to get busted, and some building a legit corporation who have been fine for a decade and will be fine for a decade to come, audit or no audit.