ย #TaxAdvice #T4vsT4A #EmployeeVsContractor
Hey everyone! ๐ So, I have a bit of a tax dilemma on my hands and I could really use some advice.
I recently got offered a part-time job starting in September and my employer is giving me the option to either receive a T4 slip as a regular employee or a T4A slip as a contractor.
Here’s what I’m wondering:
– Should I go with the T4 option or the T4A option? ๐ค
– Are there any benefits to choosing one over the other? ๐ธ
– What are the potential drawbacks of each choice? ๐
I’m leaning towards the T4 slip, but I’m open to hearing some different perspectives. If you have any insights or personal experiences to share, I would greatly appreciate it! Let’s help each other out and navigate this tax situation together ๐.
My personal suggestion would be to go with the T4 slip as it provides more protections and benefits as an employee, such as EI, CPP contributions, and job security. However, it’s important to consider your individual circumstances and consult with a tax professional to make the best decision for your situation.
Looking forward to hearing your thoughts! ๐ญ #TaxTips #JobAdvice #FinancialPlanning
T4 100%..
not worth going the contractor route until it’s well over 100k and 1.5x the T4 route.
T4A is you gotta set a side apart of your earnings towards taxes, CPP and EI deductions plus one extra set of forms (T2125)
Just go as a T4 employee to keep things simple
You are probably not a contractor. (sets own schedule, provides own tools, etc. ) You can read the difference online. Get a t4, you are an employee.
So one is as anemplyee and one, self-emplyed. For the same money, do T4, as you have addiitonal costs as self-emplyed that the emplyer doesn’t wan to pay for.