Form T5018 Statement of Contract Payments


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What Is a T5018 Form?

Form T5018 is a report of contract payments used by businesses to report to the Canada Revenue Agency (CRA) on payments they have made to counterparties.

Who Needs to File T5018?

You can use T5018 to report payments made to contractors for services provided and to calculate a contractor's income tax. Also, you can use T5018 to report GST/HST paid on contract payments.

When Are T5018 Due?

Form T5018 refers reporting for construction work. So, both contractors and subcontractors need to complete this form to report payments made to them for construction work.

How to Fill Out T5018?

You will need the following information when filling out the CRA Form T5018:

  1. Name, address, and work number of the contractor or subcontractor to whom you are making the payment.
  2. Contract number associated with the payment.
  3. Payment due date.
  4. Amount of payment.
  5. Description of the work performed.
  6. Name and address of the project owner.
  7. Name and address of the project.
  8. Signature of the person making the payment.
  9. Date the form was submitted.

A copy of the invoice or other documentation supporting the claimed payment should also be attached. Once the form is completed, it should be sent to the Canada Revenue Agency.

How to Report Form T5018 on My Tax Return?

The T5018 Statement of Contract Payments is used by both the contractor and the payer. The contractor must complete the form and submit it to the payer, who will then complete their part of the form and submit it to the Canada Revenue Agency (CRA). The CRA requires that the T5018 form be filed within 30 days of the date of payment.

How to File T5018 Online?

The T5018 form is a fillable PDF form and is available on the CRA website. To file the form, companies must register on the CRA My business account website.

  • How to Report T5018 on Tax Returns?

    You will need to include T5018 on your T4 receipt to report T5018 on your tax return. Also, depending on the type of income you receive on your T5018, you may also need to attach a T5018 Summary of Amounts Dispensed and Deducted to your return.

  • What Is the Deadline for Filing the T5018?

    Your T5018 filing deadline is the same as your annual tax return filing deadline. Also, if you are filing a paper return, you should mail it to Canada Revenue Agency by the deadline. And if you are filing electronically, you need submit file your return by the 11:59 p.m. deadline.

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Fillable online T5018 Statement of Contract Payments
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