Ask HN: Entering into a part-time contract role, what should I know

Recently I did a couple months stint with a company architecting and leading the development of one of their major products, a SaaS crowdfunding platform.

I have put my post-secondary education on hold for a while, and have been working full-time.

Unfortunately, administration from the program I was enrolled in at school contacted me and said I must return immediately in September to complete my program or I will lose all my existing credits.

So now this company wants me to continue doing work for them on a part-time contract basis, where I log hours and they pay me for hours worked.

The CEO mentioned I may have to bill 5% GST on top of the hourly rate, and I'd have to figure that out based on my earnings, but I have no idea how that works.

Given the circumstances, what are some things I should be aware/careful of? And will there be any changes I have to be aware of for my tax return next year? I'm in Vancouver, Canada.