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Being a self-employed contractor can bring you a large cash flow and the satisfaction of being your own boss – but it can also make financial planning more complicated than it is for people who don’t work for themselves.

Self-employed contractors need to keep all of the following in mind during financial planning:

Cash Flow Management

 It’s essential to be clear on what money you have moving in and out of your business! You never want to suddenly find out you’re short on cash, especially if you’re considering expanding your business. 

Tax Planning

Tax planning can be quite complicated for self-employed contractors. Working with a professional can help ensure you’re aware of all your options, such as claiming the correct tax deductions and the most tax-effective way to pay yourself.

Attracting & Retaining Good Employees

Employees are looking for more than just a good paycheque; they also want a robust benefits program, work-life balance, and pension plans.  

Risk Management

You need to ensure you’re protected if something happens to you, such as being injured or falling ill. The best way to protect yourself is with the right insurance, such as disability, critical illness, and life insurance.

Retirement Planning

As a self-employed contractor, this is a must as you won’t have a company pension plan to fall back on. You can’t work forever, so it’s essential to have a variety of income sources during your retirement years, including RRSPs, TFSAs, and an Individual Pension Plan (IPP).

Succession Planning

This type of planning is critical and can be triggered by various events, including divorce, retirement, and your illness or death. You must put a plan in place that covers what will happen if any of these events occur. In addition, it’s essential to have the financial resources to ensure the plan can be successfully enacted.

Buy-Sell Agreement

 If you are a self-employed contractor working with a partner, you need to have a buy-sell agreement. This agreement stipulates what will happen if one partner leaves the business for any reason. Buy-sell agreements can be funded in a variety of ways, including via life insurance.

QUESTIONS? Contact us Today!


The best way to ensure you’ve got a solid financial plan is to work with a good team who has your best interests in mind. No matter what aspect of financial planning you’re interested in – from tax planning to succession planning – we can help you get started. Call us or contact us online today to get started!