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Since you are working as a independent contractor, it is better to register as a Sole Proprietor Business. Contract / Freelance falls under Self Employment so it is better to register as a Sole Proprietor Business.
 
Is it illegal to start working as an independent contractor and then register as a Sole Proprietor business? I will need to wait for 15 days to get an SIN. But I was hoping to start working before that. The company is pushing for it, but I want to make sure I am following the needed compliance.