Contractors & builders
Accounting and tax for contractors and builders.
Progress billing, holdbacks, subcontractors, equipment and a truck full of receipts: construction books get messy fast, and they fall behind faster. Cayde catches incorporated contractors up and keeps them current.
What we handle for contractors
- Catch-up bookkeeping and T2 returns
- GST/HST on progress billing and holdbacks
- T5018 reporting of payments to subcontractors
- Payroll and remittances for your crew
- Vehicle and equipment costs sorted from personal spending
- Monthly bookkeeping once you’re current
Worth knowing
Construction has its own slip.
If construction is your main source of business income, CRA expects payments to subcontractors to be reported each year on T5018 slips. It’s one of the filings most often missed, and one of the easiest to fix during a catch-up.
Questions from contractors
Related guides
What is a T5018 slip, and do we need to file them?
If construction is your main source of business income, you report what you paid each subcontractor for construction services, where the total for the period is $500 or more, on T5018 slips with a T5018 summary. The return is due six months after the end of the reporting period you use, either the calendar year or your fiscal year.
How is GST/HST handled on holdbacks?
GST/HST on a holdback is generally payable when the holdback is paid or becomes due, not when the progress bill is issued. Getting that timing right keeps you from remitting tax too early or too late.
Can you separate truck and equipment costs from personal use?
Yes. Vehicle and equipment costs are split between business and personal use, and larger purchases are set up as assets, so capital cost allowance is claimed properly instead of being missed or overstated.
How a catch-up works
Four stages. Nothing starts without your sign-off.
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Talk it through
On your free assessment you tell us what’s outstanding — T2s, GST/HST, payroll, bookkeeping — and what CRA has sent, and we explain how we’d get you caught up.
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Confirm the scope
You receive a written proposal covering the scope, pricing, terms, the records we’ll need, and a timeline. Work begins once you approve it, with a 50% deposit.
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Complete the catch-up
The books are rebuilt from bank and card statements, oldest year first, and every outstanding return is prepared and filed. If the scope changes materially, we talk before going further.
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Stay current
Once you’re caught up, monthly bookkeeping keeps you there. It’s month to month, and you can cancel with 30 days’ notice.
Catch-up proposalPrepared for: Your Corporation Ltd.
Outstanding
- T2 corporate returns
- FY 2021 – FY 2025
- GST/HST returns
- 2022 Q1 – 2026 Q2
- Bookkeeping
- Jan 2021 – present
- CRA correspondence
- Demand to file, FY 2023
Records we’ll need
- Bank & credit card statements
- 2021 – present
- Last filed corporate return
- FY 2020
A typical catch-up year$2,000
Catch-ups are priced per year outstanding: typically $2,000 a year for an active corporation, and from $750 for a year with no activity. Transaction volume, the number of accounts and the condition of your records move it from there. You’ll have the price in writing before any work begins.
How pricing works
Amazing service! It’s my first time working with Brian and since the time we first talked I knew I’m with the right hands. He made sure that he is able to understand my situation and my business to ensure that he is able to give me the proper support and advice. Very thorough and he patiently helped me understand what I need with my business not just with my tax but with my accounting needs as well.
Cristina Evangelista
Quick turnaround time. Was very helpful with all my questions and concerns. Prices were reasonable and felt like I had personalized service that I haven’t gotten before from any accounting firm. Will definitely be using them for all my accounting needs. Would recommend them to everyone.
Anthony Reyes
Great Experience! Helped me catch up on my business taxes, also with bookkeeping and even helped me out with my tax returns.
John Yadao
Initially helped my organize my bookkeeping and continues to help me keep my accounting needs in order!
Kris F
Free call · 15 minutes · No obligation
See your path back to current before you commit to anything.
Book a free 15-minute call with Brian Catibog, our founder. Tell us what’s outstanding, and we’ll show you how we’d get you caught up and keep you there. The scope and price follow in writing.
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