For trades and construction companies
Accountant for Contractors & Construction Companies
Accounting for a construction business means tracking costs job by job, billing HST on progress draws, reporting subcontractor payments on T5018 slips and running payroll for your crew. We keep that in order for incorporated contractors in Brampton and the GTA, so you know which jobs make money before the next quote goes out.
Brampton · Mississauga · GTA · Virtual support across Ontario
How it works
Contractor accounting, step by step.
Exactly what happens after you get in touch, starting with one 15-minute call.
- Today
Book 15 minutes
A free, no-obligation 15-minute call on Teams or at our office at 181 Queen St E, Brampton.
- The call
Your jobs and your books
How you quote, bill and pay subcontractors, and where your records stand today.
- Set-up
Costs tracked by job
Materials, labour and subcontractors coded to each job, with holdbacks recorded separately.
- Every year
T5018 and year-end
Subcontractor payments reported on T5018 slips, and the T2 prepared from reconciled books.
- Your move
Ready when you are
Pick a 15-minute slot that suits you. We confirm the time and scope with you directly.
What we see most often
Busy jobs can still lose money. You only find out if costs are tracked by job.
Four common problems, and what we do about each one.
- The problem
You don't know which jobs made money.
Costs land in one pile, so quotes are based on guesses.
The solutionJob costing
Materials, labour and subcontractors tracked against each job and compared to the quote.
- The problem
Subcontractor slips are a scramble.
If construction is your main business, payments to subcontractors are generally reported on T5018 slips, due six months after the reporting period ends.
The solutionT5018 kept all year
Subcontractor details collected when you first pay them, so the slips come straight from the books.
- The problem
Holdbacks get lost in the books.
Ontario's Construction Act requires a 10% holdback, and it changes when you are actually paid.
The solutionHoldbacks recorded
Holdbacks owing to you and by you shown separately, so cash flow is clear.
- The problem
HST on draws is confusing.
Progress billings, deposits and holdbacks each affect when HST is reported.
The solutionHST reconciled
HST reconciled to your billings before each return is filed.
WHAT WE HANDLE
One firm for the books and the tax
- Monthly bookkeeping with job costing
- GST/HST returns on progress billings
- T5018 slips and summary
- Crew payroll, remittances, T4s and ROEs
- Equipment and vehicles set up for CCA
- Corporate tax return (T2) and year-end statements
- Owner pay: salary, dividends and instalments
- Statements for bonding companies and lenders
The exact work and fees are agreed in writing before work starts.
ANSWERS BEFORE YOU START
Common questions.
General information, not tax advice for your situation. Book 15 minutes to talk about yours.
Do I have to file T5018 slips?
Generally yes, if construction is your main business and you pay a subcontractor more than $500 in the reporting period. We confirm it from your activity.
Can you work with the software I use now?
Usually. We work with common cloud accounting software and tell you plainly if a change would help.
Can you help a contractor who just incorporated?
Yes. We set up the books, HST and payroll accounts and put your filing dates on a calendar.
Do you only work in Brampton?
Our office is at 181 Queen St E, Brampton. We also work with contractors across the GTA on Teams.
A PRACTICAL NEXT STEP
Talk to us before
the deadline.
Share the service you need, your business type and any upcoming deadline. We’ll discuss the records, scope and next steps before work begins.