Confoo presentation 2014 on Freelancing 101
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Transcript of Confoo presentation 2014 on Freelancing 101
Freelancing in IT 101Martin Nicolas HandfieldStratWeb Consulting Services Inc.
Who am I? – Renaissance Man
1.a cultured man of the Renaissance who was knowledgeable, educated, or proficient in a wide range of fields.2.( sometimes lowercase ) a present-day man who has acquired profound knowledge or proficiency in more than one field.
Disclaimer
Not an accountant;
Not a lawyer.
Someone who works for someone else in exchange for remuneration, according to a contract, without being an employee or receiving a salary.
10% of the available IT workforce;
What’s in it for me?Flexible Schedule;
Project variety;
No hierarchy – client-provider relation;
Your own tools;
$$$
Freedom (Be Your Own Boss)
What’s in it for them?
Compensate for lack of internal expertise;
Staff up in a crunch period;
Different budget category (Capex versus Opex);
How does it work?
Determine hourly rate (yearly salary/1900 +25%);
Find client;
Fill in monthly timesheet;
Invoice client;
Repeat.
Who can help me?
Accountant/Fiscalist;
Banker;
Insurance Broker
Financial Planner
Work Provider / Headhunter
Accounting 101Book keeping & Invoicing (Software)
Admissible expenses (keep all receipts)Promotion/advertisement
Office supplies
Banking fees
Meals & Representation
Vehicule expenses
Congress and Events (max 2)
Accounting and Legal Fees
Rent
Phone/communication fees
Contractual expenses
Amortization (Capital Expenditures)
Taxes (GST & QST)
Corporation or Individual Enterprise?Major clients prefer corporations
More expensive/complicated but…Limited Responsibility (Investment)
Tax deductions (small enterprises)
Dividends or Salary?Salary Advantages
Can contribute to RRSP
Canada Pension Plan (CPP)
Salary is a tax deduction
Eligible to Disability Insurance
Salary DisadvantagesSalary 100% taxable
Paying CPP twice (as employer/employee)
Extra paperwork (Payroll & T4 slips)
Not so flexible
Dividends AdvantagesLower tax rate (500K)
No CPP – Saving money
Relatively Simple (Check, Update Minute Books, Director Resolution)
Dividends DisadvantagesLess CPP when you retire
Can’t contribute to RRSP
Go to the Bank
Get a business account
Business credit card / credit margin
The banker is your friend. Really.
Insurances Disability Insurance
Compulsory Prescription Drugs Insurance
Government;
Private (Professional Order)
Life Insurance
Healthcare insurance
Profesional Responsibility Insurance
How to find gigs
Clear Mission Statement;
Solid LinkedIn Profile;
Networking, networking, networking;
2-3 Solid Job Providers
The Consultant Etiquette
Up and running;
No politics please;
Dress Code;
Mingle!
The Nomad Lifestyle
Online Resources
AQIII (www.aqiii.org);
Taxation Reference for self-employed (http://www.revenuquebec.ca/en/sepf/publications/in/in-300.aspx)
Espresso Jobs (http://www.espresso-jobs.com);
Infopresse Jobs (https://jobs.infopresse.com);
Suggested Further Reading
Sample Timesheet / Invoice
Thank you for your attention
Questions?