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T5018: What You Should Know

Report payment details so the CRA can verify they match the actual payments you received. Jan 12, 2024 — Complete a letter that explains what the tax slip is, what value it reports, and what value to choose should you make any new tax  T5018 — construction subcontractor reporting return What does it report? The form must be completed every time you make a new contract payment, and May 15, 2024 — Complete the form to report your contract payments How do I report my contract payments? Complete the T5018, construction subcontractor tax return: Complete the T5018, construction subcontractor tax return as a single return by  Use this tool to report your contract payments, and see how far you've  done. For each subcontractor you can also add their name and contact information. See the section on how to file for a copy of this statement of employment  Contract payments. Who's responsible for tax? Your employer is responsible for reporting your construction  Payment Detail Record-keeping If you're a construction business that  represents contractors, or your payroll provider, that submits payroll to your  business, you're responsible for maintaining a list of your employees' wages on  what you report on your T5018. Your payroll provider can help you  recommission to determine how much you should pay out.  Who's responsible for the contract payment? Taxable entities are responsible for the payment record keeping on your T5018 form. Each  person or business with whom any subcontractors work,  is the responsible person for the payment. Payment Amounts The payer is responsible for establishing and recording all the payment  amounts for subcontractors who work on one or more of your projects. For your  accounts to be valid, you must record the contract payments for each of your  subcontractors in the correct amount. For most construction subcontractors,  you should record the amounts for the full contract, for each day (including  day off) the subcontractor is not working (including any day the worker  is at his or her regular place of employment during the workweeks), and for  additional days when the worker is not at the project site while working.  For more information on how to record contract payments, go  here Use this calculator to determine the payment amounts for construction subcontractors.

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