Accounting for general contractors in London
General contractors manage subs, holdbacks, and progress draws across long projects. In London, taxifi handles it online: books current every day, filings on time, and a Canadian accountant reviewing and signing every file.
CRA EFILE authorized · Every file reviewed by an accountant · Switching is free — about an hour of your time
General Contractors in London, books handled
London, Ontario supports a broad base of professional practices, trades, and health businesses that benefit from current books and included year-end tax.
For general contractors specifically, taxifi covers the work below as part of one flat monthly price, with Ontario’s HST, WSIB, and Employer Health Tax handled inside the service:
- Progress-billing and holdback tracking
- T5018 subcontractor slips prepared and filed
- Crew payroll and WSIB-ready records
- HST input tax credits on materials and equipment
What we take off a London general contractor’s plate
Holdbacks and progress draws
Construction holdbacks distort what you think you've earned. We track them so your revenue and receivables reflect what you're actually owed and when.
T5018 subcontractor reporting
Every sub payment is tracked through the year and the T5018 slips are prepared and filed on time, with records behind each number.
HST across materials and equipment
Input tax credits on materials, rentals, and equipment are captured on every transaction so your net HST is accurate.
Why London general contractors choose taxifi
London runs on anchors — healthcare, the university, insurance — and serves as the commercial hub for much of southwestern Ontario. It is a steady market rather than a speculative one, where businesses build on repeat customers and reputation, and where a surprise tax bill hurts precisely because everything else was predictable.
That context shapes the work: holdbacks, progress draws, and a bench of subs spread across multiple active jobs is the normal state of a London general contractor's paperwork. taxifi absorbs it — daily AI bookkeeping, accountant-signed filings — so every job closes with its true margin on record instead of a best guess.
Common questions
Which of my subcontractors go on T5018 slips?
For a business whose primary activity is construction, payments to subcontractors for construction services get reported on T5018s — incorporated or not, which catches people used to the T4A rules. taxifi keeps a running record of every sub payment on every London job, so slip season is an export rather than an archaeology dig through e-Transfers.
What does CRA see when I bill jobs in progress draws?
Progress billings, deposits, and work-in-progress each affect when income shows up for tax, and a GC's real position is invisible without job-level books — a year can look profitable or terrible depending purely on billing timing. Job costing that is current every day is what makes both your taxes and your quotes honest.
Is taxifi actually available in London, or just the biggest cities?
Fully available — taxifi is online-first, so a London clinic or contractor gets exactly the same daily bookkeeping, payroll, HST, and T2 service as a Toronto one, at the same kind of flat monthly price. No office visit exists to miss.
I already have a bookkeeper or accountant in London. How hard is switching?
The switch is free: we deal with your current provider directly, collect your file and history, and take over the monthly work. Any catch-up is scoped and priced before you commit. Your part is about an hour, and mid-year is fine.
Your London general contractor, books and taxes handled
One flat monthly price for incorporated Ontario businesses, quoted live on a short call.
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