Welcome to our comp sense tutorial video series this video will walk you through the process so setting up either a 1099 form for American companies or the t5 o18 form for Canadian companies comp sense opening Suites helps you streamline your 1099 for IRS or t5 o18 for CRA forms for tax purposes opening Suites refers to these forms generically as contract payment forms the system generates these forms for those suppliers or service providers designated as 1099 or t5 o18 suppliers and where payments to that supplier exceed pre-specified amounts which you set for your own company the first step is to configure the supplier to become a 1099 or t5 o-18 supplier so under system's options you're going to go to supplier, and they call up the supplier in question once you have the proper supplier listed click on the profile tab over on the right-hand side you will see the 1099 box put a check mark there then you need to put the identifiers in for your system and from there you need to put which contract payment there you're going to be using so in our case I'm going to pick 1099 miscellaneous seven once I've selected all of these all I need to do is hit save and close, and I'm ready to move on to the next step once you set up your suppliers you'll next need to configure your report management here you can specify defaults for the reports by your division so on the reports will open up report management my division automatically came up and my categories have been expanded if my categories were not expanded you simply just click on the plus sign beside the category, and it will expand your options here we're going to pick contract payment...
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About T5018
T5018 is a tax information return form filed with the Canada Revenue Agency (CRA) by businesses in the construction industry. The form is used to report payments made to subcontractors for construction services. Anyone engaged in the construction business, including general contractors, builders, developers, and other entities involved in construction projects, is required to file the T5018 form if they have made payments to subcontractors for construction work performed in Canada during the fiscal year. Both individuals and corporations fall under this category. The T5018 form ensures transparency and helps the CRA to track payments and detect potential tax evasion in the construction industry. It provides information about the amounts paid to subcontractors, their business names, contact information, and social insurance numbers or business numbers for tax purposes. Failing to file the T5018 form or providing incorrect information can result in penalties or consequences imposed by the CRA. Therefore, it is necessary for businesses in the construction industry to understand their obligations regarding T5018 and fulfill the reporting requirements accurately and in a timely manner.
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