No accountant-speak. No fluff. Just practical information for Ontario trades businesses and contractors.
These are the trades-specific questions I get most often, the ones that actually move the needle for your business.
If you pay subcontractors, you're likely required to file T5018 slips with CRA. Most GCs don't realize this until they're audited. Here's what it is, who has to file, and how.
The HST Quick Method may be available to eligible registrants, but its election, remittance rate, and effect on input tax credits depend on the business. Confirm the decision with a tax adviser.
Calling someone a subcontractor when CRA considers them an employee is one of the most expensive mistakes a trades business can make. Here's how CRA decides, and how to protect yourself.
Asset purchases are identified and organized for the external accountant. CCA classification, deduction timing, and other income-tax treatment remain with the client and tax adviser.
Most trades businesses track revenue. Far fewer track what it actually cost to earn that revenue. Job costing is the difference between guessing and knowing. Here's how to set it up simply.
Holdback rules can affect construction cash flow and bookkeeping. This guide explains recordkeeping concepts only; legal entitlement and release timing require current legal guidance.
A practical calendar of common HST, payroll, T5018, WSIB, and income-tax dates. Confirm the dates and reporting periods that apply to your business with the relevant authority or adviser.
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No blog article needed. These are free, actionable, and will make a difference today.
Mixing personal and business money is the #1 thing that makes bookkeeping expensive and messy. A separate account takes 30 minutes to set up and will save you hours every year.
CRA accepts digital copies. Use QuickBooks Mobile or even just a folder in your phone photos. The receipt you don't scan is the deduction you'll lose.
Confirm your assigned HST reporting period and due date in CRA My Business Account. Filing and payment dates depend on the registrant and reporting period.
T5018 reporting may apply where the CRA requirements are met. Plus can include year-round payment-data tracking when client records support it; annual preparation and filing are separately selected and quoted.
Keep a separate tax reserve based on guidance from your accountant or tax adviser rather than treating the operating-account balance as spendable cash.
New guides added regularly, covering the questions Ontario trades businesses ask me most.
General information only. Resource content is educational and is not tax, legal, payroll, WSIB, or accounting advice for a specific business. Confirm filing, classification, election, and legal decisions with the appropriate authority or qualified adviser.
Get in touch to discuss service fit and scope. Tax, legal, classification, and filing decisions for a specific business should be confirmed with the appropriate authority or qualified adviser.