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AngeloR | 3 years ago

(Canada Specific) There can be additional tax implications depending on if you're contracting under your own name vs. a company. Using materials supplied from the companies you're contracting from can get you labeled as a Personal Services Business and not a corporation essentially treating corporation income as your personal income. This means you'd be subjected to personal income rates vs. corporation.

It's important to note it's not just this one thing that can do it, but there's a collection of things that can get you labeled as a PSB.

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nelsonic|3 years ago

Wow! That's very interesting. Quite the Tax implication! Wonder if it's only in Canada ...