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Blue Ocean Professional Corporation
CPA, Chartered Professional Accountants Free Consultation
INDUSTRIES · 01

Accounting for construction & contracting businesses

General contractors, trades and renovators: job costing, subcontractor reporting and payroll that keep up with every site.

T5018Payments to subcontractors reported within six months of your reporting period's end
WSIBPremium reporting and clearance certificates, so contracts that require them aren't held up
HoldbacksTracked separately, so you can see what you're owed and when
WHAT WE HANDLE

The work that comes with your industry.

Job costing

Revenue and costs tracked by project, so you know which jobs actually make money.

Subcontractor reporting

T5018 slips and summary prepared from your payment records and filed on time.

Holdbacks and progress billing

Holdbacks receivable and payable recorded correctly, with HST handled properly.

Payroll and WSIB

Crew pay runs, source deductions, T4s and WSIB premium reporting.

Equipment and vehicles

Trucks, tools and machinery claimed through capital cost allowance in the right class.

Incorporation and pay planning

When to incorporate, and how to pay yourself once you do.

COMMON QUESTIONS

What construction clients ask us

Do I need to file T5018 slips?

If construction makes up most of your business income and you pay subcontractors for construction services, generally yes. We review your payments and prepare the slips and summary.

How should I track holdbacks?

Holdbacks aren't paid until the work is certified or the project wraps up. We track them separately so your cash flow and receivables stay accurate.

Are my workers employees or subcontractors?

It depends on who controls the work, who supplies the tools and who carries the financial risk, not just what the contract says. Getting it wrong can mean back payroll and penalties, so we review the setup with you.

Ready for an accountant who knows your industry?

Mississauga, ON · St. Petersburg, FL · info@blueocean.tax

Free Consultation 416-828-7462