Canadian Money Forum banner

1 - 2 of 2 Posts

·
Registered
Joined
·
9 Posts
Discussion Starter #1 (Edited)
Hi everyone, I just recently found this forum and have done as much searching and reading-up as I can on my current situation. Will be concise, otherwise everyone will be TL;DR with this...

- been working as "employee" at various IT jobs since 2003
- laid off early dec 2012, job hunting for anything ... end of dec 2012 agency recruiter called with contract opportunity
- went through interviews, paper-work, and became sole prop (unregistered) working at client site as of Feb 4, 2013
- client actually requires workers to be incorporated, so I went through that; incorporated since Mar 4, 2013

- I am in no way a business-minded person at all; purely technical (in university, I failed accounting 101 two times before finally "passing" with a D :hopelessness:)

- married in mid 2011
- purchased a house in early 2012
- had a baby in latter 2012
- house closed (ergo mortgage payments, utilities, etc. monthly house expenses started) early jan 2013
- wife is currently on mat leave

- last job was $57K salary (came out to approx $3500 a month net pay)
- currently working as sole prop (incorporated contract will take effect apr 1, 2013) and getting $31.80/hr, incorporated contract will yield $35/hr

- accountant has provided me with preliminary payroll expense form, looking at about $3100 pay a month with the rest of the pay staying in company
- biz banking acct opened yesterday (march 19)

I still feel a bit overwhelmed but am eager to learn and understand all of this! I know, I know, I shouldn't have jumped into it but it was the only opportunity I had at getting back into being paid and had a mortgage and a baby to make money for.

Don't know a lot about what I can expense/write-off; tried going thru CRA web site, not all "English" to me sometimes. Accountant did provide me with an expenses spreadsheet to work off of and also let me know to start recording my daily driving mileage and to keep almost all receipts for anything I do that is directly related to "doing business." What else should I be recording/keeping? Recently purchased "office supplies" from Staples so I know I have that to claim for at least.

Given that I am now in the situation, what advice/tips/questions can you provide me ... any 101 basics welcomed too as I am not a business-minded person at all, unfortunately.

Also, is there any recommended CANADIAN book for a beginner such as myself for this sort of situation?

Thanks in advance, everyone!
 

·
Registered
Joined
·
2,892 Posts
It really would be worth your time to consult with an accountant to discuss some of the tax implications, especially when you are first starting out.
 
1 - 2 of 2 Posts
Top