Do you know about Construction Contract Payment Reporting
March 06, 2010
DID YOU KNOW? Payments made to subcontractors for construction services must be reported to Canada Revenue Agency (CRA) using a reporting system called the Contract Payment Reporting System.
Who needs to report? Individuals, partnerships, trusts or corporations
earning more than 50% of their business income from construction
activities.
What needs to be reported? Payments totalling $500 or more (including GST/HST) per reporting period made to subcontractors for construction services or for mixed goods and services when there is a service component of $500 or more. Goods-only payments do not have to be reported.
When do I report? Businesses can report payments on a calendar- or fiscal-year basis. They must file the return within six months after the end of the reporting period to which it pertains.
How do I report? Contractors can report payments made to subcontractors by completing the T5018 Information Return, which includes the T5018, Statement of Contract Payments, and the T5018SUM, Summary of Contracts Payments. These are available online in a format that allows a contractor to enter the required data, and can then be printed for submission to CRA. Contractors can also submit their own form, provided it includes all of the information required, along with a list of the total payments made to each subcontractor.
Completed information should be sent to:
Ottawa Technology Centre
875 Heron Road
Ottawa ON K1A 1A2
CLICK HERE for more information on the Contract Payment Reporting System.
What needs to be reported? Payments totalling $500 or more (including GST/HST) per reporting period made to subcontractors for construction services or for mixed goods and services when there is a service component of $500 or more. Goods-only payments do not have to be reported.
When do I report? Businesses can report payments on a calendar- or fiscal-year basis. They must file the return within six months after the end of the reporting period to which it pertains.
How do I report? Contractors can report payments made to subcontractors by completing the T5018 Information Return, which includes the T5018, Statement of Contract Payments, and the T5018SUM, Summary of Contracts Payments. These are available online in a format that allows a contractor to enter the required data, and can then be printed for submission to CRA. Contractors can also submit their own form, provided it includes all of the information required, along with a list of the total payments made to each subcontractor.
Completed information should be sent to:
Ottawa Technology Centre
875 Heron Road
Ottawa ON K1A 1A2
CLICK HERE for more information on the Contract Payment Reporting System.
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