CPUS Independent Contractor Insurance Program
CPUS Independent Contractors are covered with Commercial General Liability (CGL) coverage and Professional Liability coverage. The insurance is renewed on an annual basis each November. WSIB is also paid on the Independent Contractor’s behalf so they are not required to pay any premiums.
An Independent Contractor is entitled to set up their own health trust, which is an integrated health and dental benefit plan for themselves and their dependents. This plan works the same way as a company benefits plan (e.g. Blue Cross) but you pay for your healthcare needs using your corporate account, before tax dollars. There is also no limit on the amount you incur. The fee for up to $5,000/year coverage is approximately $300, which is also tax deductible. This is approved by the Canada Revenue Agency.
Sole Proprietorship and Incorporation
A corporation is a separate legal entity, which is formed by application to either the federal government, or one of the provincial/territorial governments. No CPP, EI or Income Tax is deducted from the compensation payments to contractors’ limited companies. No T4 Supplementary form is issued with respect to such payments to contractors’ limited companies. Please consult a tax professional to determine your specific circumstances and eligible deductions.
Sole Proprietorship is an unincorporated business entirely owned by one person. For more information, go to Sole Proprietorship vs. Incorporation.
All applicants are required to complete a CSIS Security Clearance to be considered for employment in the nuclear sector. The security clearance standards ensure that nuclear power plants comply with federal laws. Nuclear operations are governed by regulations set out and monitored by the Canadian Nuclear Safety Commission (CNSC). Whether you are working in a corporate group or a nuclear, hydro or fossil station, security clearances are mandatory for any type of employment or contract engagement. For more information, go to Security Clearance.