Accounting for concrete contractors in Ontario
Concrete work carries heavy equipment, big material orders, and progress billing on larger pours, with T5018s and WSIB in the background.
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taxifi · Concrete Contractors
This month
- Bookkeeping Current
- Payroll & source deductions Filed
- HST Filed
- Year-end tax (T2) On track
The problems we take off your plate
Progress billing and holdbacks
Draws and holdbacks are tracked so your revenue and receivables reflect what you are actually owed and when.
Heavy equipment at year-end
Financed machines are claimed over time through capital cost allowance, tracked correctly by your accountant.
T5018 and WSIB obligations
Sub payments reported, payroll records WSIB-ready, nothing waiting to surprise you.
What’s included
Published prices for incorporated Ontario concrete contractors. Everything below is handled.
- Project bookkeeping and progress billing
- Equipment tracked for capital cost allowance
- T5018 subcontractor slips prepared and filed
- Crew payroll and WSIB-ready records
- Year-end corporate tax (T2), from $1,000 a year
| Area | A typical setup | With taxifi |
|---|---|---|
| Your books | Weeks or months behind | Current every day |
| Year-end (T2) | A spring scramble, billed extra | Included, no surprise invoice |
| Your accountant | Metered by the hour | Unlimited questions, flat monthly |
T5018 reporting and holdback timing
Concrete work is construction, which means the T5018 rules apply: payments to subcontractors for construction services are generally reported on T5018 slips whether or not the sub is incorporated. That is the opposite of the T4A rule, and it is the single most common slip error in the trade.
Holdbacks are the timing issue. Ontario's Construction Act requires a holdback, and HST on a holdback amount is generally not due until the holdback becomes payable rather than when the progress invoice goes out. Job-level bookkeeping that tracks holdbacks and sub payments as they happen turns both into routine reporting; a shoebox in February turns them into guesswork with penalties attached.
Common questions
Can you handle equipment financing on the books?
Yes. Financed equipment is tracked and claimed over time through capital cost allowance.
Do you understand progress billing?
Yes. Draws and holdbacks are tracked so your revenue reflects what you are actually owed.
Which subcontractor payments go on a T5018?
For a business whose primary activity is construction, payments to subcontractors for construction services generally go on T5018 slips regardless of the sub's incorporation status. Returns are due six months after the end of the reporting period you select, and most contractors align it with their fiscal year.
Does the holdback change when I remit HST?
Generally yes — HST on a holdback is typically not due until the holdback becomes payable, not when the progress billing is issued. Contractors who remit on gross invoices pay early; contractors who ignore holdbacks fall behind. Tracking them separately in the books resolves it automatically.
Books and taxes for your concrete contractor, done
Bookkeeping from $99 a month, accountant-reviewed from $299, corporate T2 from $1,000 a year. Prices are published; a call confirms the fit.
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