So you have become a contractor or consultant, but you are not sure what to do next.
Every situation is different, so there isn’t a single solution. What we do know is that 90% of all contractors who we are currently engaged with are incorporated.
There are several reasons for this:
- Easier to find contract work
- Higher hourly rates
- Better taxation
- More flexible
- Protection of your personal assets
- Great credibility
- Deductible expenses
In our experience, professionals who are incorporated get more work and are paid higher. So, if you are serious about being a contractor, becoming incorporated will increase your chances of landing a contract and allow you to make more money. Getting incorporated is now one of the easiest things to do. We do recommend you seek accounting advice to ensure incorporation is the best option for your specific situation before starting the process.
Here are some helpful links to start the process: