Profit Clue – T5018 Information Return

Posted on December 20, 2012 by admin | Posted in Highlights

T5018 Information Return

T5018 Summary of Contract Payments Information Return and slips are required to be filed by any individual, trust or corporation with construction as your primary business activity (>50% of income earning activities are derived from construction) and making payments to subcontractors for construction services (those paid >$500 in the year).

Filing requirements

If you file more than 50 information slips, you have to file them over the Internet (www.cra.gc.ca/iref). If you file fewer than 50 information slips, you may submit your information return electronically, or in paper format at the address provided on the back of the summary.

Failure to file and penalties

You can choose to do these slips either at your fiscal year end or at December 31st each year. Regardless of which reporting period you choose, you have 6 months from that date to file the slips. In order to change the reporting period you have chosen you will need approval from the CRA. You must complete T5018’s within 30 days of your business ceasing operations.

For further information, or assistance with filing a T5018 Information Return please contact your nearest DJB office.