COVID-19 has changed how we go about our days. It has affected our income, the way we shop, visiting friends and family, and so much more. We brought in Max Eisner, CPA, to learn about the government subsidies and how all this affects contractors. We wanted to give tips for working as a contractor during this confusing time.
The first topic we discuss is COVID-19 and government subsidies. Working as a contractor can be hard to navigate. Many self-employed workers opt-out of paying into Employment Insurance. Max and Justin discuss what the Canadian government is doing to help these people. From the $2,000.00 payment to the 75% subsidy on wages, everything is covered. These issues and policies surrounding these ideas are broken down with some surprises intertwined.
The second major topic focuses on tips for working as a contractor. It can be hard to understand what you can and can’t write off as a contractor. It can also be confusing to understand what is available to you. Max breaks down everything you need to know about working as a contractor. Here are just some of the questions answered:
- How do business lunches work?
- Can I write off part of my rent?
- What can I write off in my house?
- Will using an accountant save me on my annual taxes?
- How does travel and my taxes work?
- What is the difference between a contractor and an employee?
This podcast is designed to navigate our confusing world, both now, and later. When we have a handle on COVID-19, this information will continue to help. Understanding the job as a contractor will help you save money and ensure you are getting the best tax rate.
Make sure to subscribe and like the channel for more content! Interested in a specific topic? Comment below to let us know!