Accounting for general contractors in Toronto
General contractors manage subs, holdbacks, and progress draws across long projects. In Toronto, 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 Toronto, books handled
Toronto is Canada's largest business market, dense with professional firms, agencies, trades, and fast-growing companies that need their books current and their T2 handled without a spring scramble.
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 Toronto 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 Toronto general contractors choose taxifi
Toronto is Canada's largest and most competitive market. Costs run higher here — rent, wages, insurance — which means margins need watching weekly, not discovered at year-end. The upside of the density is demand; the price of it is that owners who don't know their numbers get outbid by ones who do.
For Toronto's general contractors, the day-to-day reality is holdbacks, progress draws, and a bench of subs spread across multiple active jobs. taxifi's AI keeps the books current every day and a Canadian accountant reviews and signs the 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 Toronto 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.
How does taxifi compare with hiring a downtown Toronto accounting firm?
You get the parts that matter — books kept current, filings done on time, a Canadian accountant reviewing and signing — without the downtown overhead built into the fee or the office visits built into the process. Everything happens online, and the price is one flat monthly amount quoted up front.
I already have a bookkeeper or accountant in Toronto. 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 Toronto general contractor, books and taxes handled
One flat monthly price for incorporated Ontario businesses, quoted live on a short call.
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