Re:What’s going on with Google and Facebook hiring freezes?
by cmrdporcupine on Tuesday August 02, 2022 @05:53PM
(#32324746)
CRA now frowns heavily on "personal service corporations." There is no tax advantage (in fact there's disadvantages) to incorporating unless you have more than one client.
So it ends up being sole proprietorship only, which has far less tax advantages.
I mean, as a tax payer and citizen who paid exorbitant personal income taxes for years as an employee of a FAANG, I think this is probably equitable. But as a contractor, now... damn I'd like to be able to take advantage of corporate tax rates like I could 13 years ago when I did this last.
So it ends up being sole proprietorship only, which has far less tax advantages.
I mean, as a tax payer and citizen who paid exorbitant personal income taxes for years as an employee of a FAANG, I think this is probably equitable. But as a contractor, now... damn I'd like to be able to take advantage of corporate tax rates like I could 13 years ago when I did this last.