Compared to a permenant position, a contractor position has such features:
1, high payment
2, unstable. after the contract period, you have to start another job seeking.
3, you'll have to handle the CPP and EI affairs by yourself.
4, You may have heavier workload, compared to those permenant employees in the same company.
5, During the gap of two contract jobs, you may be worrying about the job seeking, or enjoy the leisure time...... all up to you.
6, You may not have those benefits a permenant employee has --medical insurance, vacation day, etc.
7, Being a contractor keeps you be active at learning new stuff.