Are you involved in the construction industry?  Even remotely?  You may need to be filing the T5018 forms for your subcontractors.  The purpose of these forms is simple: the Canada Revenue Agency knows that the construction industry is full of cash, under-the-table deals, and these forms are a useful tool in combating it.

Here is a comprehensive list of who may be considered to be involved in the construction industry.  Check it out……. and if your business activity is on this list, be sure to get those T5018 forms filed.

The forms are due within 6 months of your year-end.  And yes, there are very substantial penalties for failing to comply.

 

Filed under: Business tax, Other tips by David Boese No Comments »