Accounting for Construction Professionals
Focus on the job site while we handle your progress billing, payroll, and CRA compliance.
Why do construction businesses need specialized accounting?
Construction is a high-risk, high-complexity industry. Between managing subcontractor payments, filing T5018 slips, navigating WCB/WorkSafe requirements, and tracking job-specific costs, general bookkeeping isn't enough. TaxBuddy Canada provides construction-specific financial management to ensure your projects remain profitable and your filings are on time.
Common Construction Accounting Hurdles
Cash Flow Gaps
Managing the delay between paying for materials and receiving client payments.
Subcontractor Reporting
Filing T5018 Statement of Contract Payments correctly and on time.
Job Costing
Accurately allocating labor and material costs to specific projects.
WCB/WorkSafe
Ensuring provincial workers' compensation premiums are calculated and paid correctly.
Our Contractor Solutions
Progress Billing
Setting up automated systems for AIA-style or percentage-complete billing.
T5018 Management
We track and file all subcontractor payment reports for you.
Job Profitability
Real-time reports showing which jobs are making money and which aren't.
Payroll & Remittances
Full-service payroll for your crew, including source deductions.
Build a Better Business
Bidding Accuracy
Know your true costs so you can bid more competitively and profitably.
Labor Recovery
Ensure every hour on the site is billed back to the correct project.
Reduced CRA Risk
Stop worrying about subcontractor classification and trust your filings.
When do I need to file T5018 slips for subcontractors?
If your primary business activity is construction and you pay subcontractors for construction services, you must file T5018 slips. The reporting period can be based on the calendar year or your fiscal year. Failure to file can result in significant CRA penalties. TaxBuddy automates this process by tracking sub-payments throughout the year.