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by Michelle Waitzman
When you’re self-employed, saving for retirement is anything but simple. There’s no employee pension, no group RRSPs, and no steady paycheque to count on. I sat down with Aldwin Chin, a financial advisor with Edward Jones in Toronto, to get his insights on how to save for retirement as a freelancer. This is a very general overview, but you can use the links at the end of the article to find more information.
How much of my income should I be saving?
You need to prioritize your money to figure out how much you can and should save. Most freelancers should allocate their income like this:
- Pay for your current living and business expenses.
- Save three to six months’ living expenses in case of emergency or lack of work.
- Anything that’s left should go into long-term savings and investments for retirement or for other major expenses.
Taxes can be like monsters under your bed: they’re scary because you don’t know what lurks there. This seminar takes the fear away by taking the mystery away. In three entertaining hours, you’ll learn how to reduce your tax bill and keep the Canada Revenue Agency happy at the same time. Learn which expenses are allowed, what it means to incorporate or register for the GST/HST, and how to avoid the pitfalls that get the CRA steamed.
We’ll cover the advantages and responsibilities that come with being a freelancer and running your own business. By the end of this seminar, you’ll feel confident about your taxes, and, with the worry off your mind, you’ll be ready to devote more of your mental energy to what you do best: your work! (more…)
Making contact with a potential client is good, getting a potential client to sign a contract is better. Do you have a method you use in order to ensure that the potential client you make contact with becomes a client you contract with?
Editors Canada wants to hear about the tips and tricks you use to close the deal with a potential client. The submissions we receive will be included in the first in a series of editing-related chapbooks from Editors Canada, this one entitled From First Contact to Signed Contract.
We’re looking for submissions of 500–700 words by March 1, 2017. So, submit your tips to Michael Bedford and encourage your colleagues to submit as well so that you can become an important part of this milestone publication from Editors Canada.