Contractor Financial Profile Calculator
Get an instant score for your contractor finances — tax set-aside, HST owing, emergency-fund months, RRSP room and insurance gaps.
Estimated net annual income
$44,459
Effective tax rate25.9%
Recommended amount to set aside for tax$15,541
Many contractors save this as a percentage of each invoice paid — consider a separate savings account, since self-employed income has no automatic PAYE withholding.
A quick financial health check built for variable contractor income
Variable contractor income makes the usual personal-finance rules of thumb harder to apply — there's no single paycheque to budget a fixed savings rate against, tax isn't withheld automatically, and GST/HST collected on invoices has to be set aside rather than spent.
What this health check covers
- How much of your income should be set aside for tax, given your actual bracket and status, sole proprietor or incorporated
- GST/HST owing if you're registered, so it's never accidentally treated as spendable income
- Emergency fund months, sized for the greater income variability contractors typically face compared to salaried employees
- RRSP room used versus available, and whether your current pay mix of salary versus dividends is building any room at all
