Best way to plan for tax season?
April 26, 2014 8:09 AM Subscribe
I’m about to become a contractor. I live in Canada. When I get paid, there will be nothing automatically deducted in the way of income tax, CPP, etc. How should I handle this?
posted by rabbitfufu to Work & Money (7 answers total) 3 users marked this as a favorite
Should I just set aside the appropriate amounts in a separate bank account and pay it off in a lump sum when tax season rolls around? Is there an optimal way I could invest that money during the year to make something off it? Would there be any advantage to setting up automatic payments to CRA on a monthly basis instead?
Thanks in advance for your advice!