January 18th, 2013
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 »