[ON] Part Time Consulting
I am located in Ontario. I have a full time permanent job and have the opportunity to do some part time consulting on the side. Consulting on the side is permitted in my field and my employer is aware (so long as it does not interfere with my regular job and there are no conflicts of interest, it is fine).
I am trying to decide if I should establish a business and get an hst number now or if I should just see how things go for a bit and then decide. I’m not sure if the consulting would ever exceed $30,000 but I suppose it could if the opportunity came up.
My questions are:
What is the benefit of registering a business if I am making less than $30,000 consulting?
How much should I be setting aside for tax time?
I will be keeping track of hours worked, invoices and payments. What other records should be retained?
I have always done my taxes myself with tax software because my income has been relatively simple. Would I be able to continue doing so or would it be recommended to get an accountant?
Is there anything else I should be considering before deciding to take this on? I have the capacity to complete these projects on the side and a little bit of extra money would be helpful as well.
Thank you!