it's unclear from your message that what is the amount on the T2200, to save 10,000 in taxes, the amt on the T2200 has to be close to 20000, in other words, your boss is forgoing business deduction for 20,000, Why is he forgoing his money to benefit you? Or did he even realize this is the consequences, what if he changes his mind at the end of the year?
Without further info, go with the indep. contractor status, give me more details on OPtion 2,
Option 1 might have more flexibility depending on what kind of work do you do...
Option 1 would cost you anywhere between 500 to 1000ish in accting fees and tax returns, the trick is not to register a business, that would bring you additional tax liability,
get a biz number package for GST purposes from CCRA
if I have time in the 2003 tax season, I can do your tax filing...
Without further info, go with the indep. contractor status, give me more details on OPtion 2,
Option 1 might have more flexibility depending on what kind of work do you do...
Option 1 would cost you anywhere between 500 to 1000ish in accting fees and tax returns, the trick is not to register a business, that would bring you additional tax liability,
get a biz number package for GST purposes from CCRA
if I have time in the 2003 tax season, I can do your tax filing...