I just got into a new positon as a contractor with a company
as an ERP consultant.The company is not provding any benefits from
their side but will be deducting taxes from my pay(like a salaried employee).
Is there any way I could benefit at the end of the year
by claiming that I was self employed.
Regards,
Jack109
As Company will be deducting Taxes from your salary, they will issue T4. In that case, you can not claim any benefits under self employed. Employment status is not related with benefits in any way.
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Driller the thriller
Thanks desi_driller,
But if I am not a permnenet employee how can they even deduct my taxes ?
Is it legal? I am hoping that there should be be some way out of this legal wrangle. I am a contractor and still paying full taxes (:-((
Quote:
Originally posted by Jack109
Thanks desi_driller,
But if I am not a permnenet employee how can they even deduct my taxes ?
Is it legal? I am hoping that there should be be some way out of this legal wrangle. I am a contractor and still paying full taxes (:-((
Your claiming of expenses would depend on your condition of employment.
Your employer would sign and give you Form T2200 at the tax time which would describe what expense you can claim on your tax return. However, you should ask that form before hand so you would know if you could claim any expense or not.
For detailed information please follow this http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completing/deductions/lines206-236/229/menu-e.html
and see the Employment Expenses Guide (T4044) and Form T777 Statement of Employment Expenses for more information.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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