T5018 FILING TIPS
Companies that generate more than 50% of their business income from construction activities are required by the CRA to file T5018 slips. The slips need to be filed within six months after the fiscal year end.
How do you generate and file? It is really simple if you are using cloud accounting software. In similar manner to T4's, your accounting software can also create and submit T5018's.
The problem? During the course of the business year, subcontractors come and go and if your accounting staff are not tracking subs accurately, it won't be an easy task to backtrack and reconcile. The outcome will be incomplete slips - missing addresses, BN, full names, etc. - OR - you will be missing subcontractors entirely if they aren't added at the start for needing a T5018.
Tighten up processes and add the simple step of ticking the checkbox in your software to include them in T5018 filings.