Fulltime or contract

I am making upwards of $150k on full time salary, plus benefits and RRSP match. I am now getting another offer for $120/hr for a 1 year yr contract with possibility of extension, but Ofcourse no benefits, no RRSP, no leaves with contract position. But I guess saving is better on contract because taxes might be less.

Anybody went through same decision and what would you suggest?