Bradley Jacoby Games Chartered Professional Accountants | Victoria, BC | 250-370-2191

Construction Activities: Reporting Obligations for Subcontractors

A July 17, 2017 Technical Interpretation examined the conditions which would require the filing of a T5018, Statement of Contract Payments. Where a person or partnership primarily derives their business income from construction activities for a reporting period, a T5018 should be filed for any subcontractor payment or credit made relating to goods or services received in the course of construction activities. The reporting period may be a calendar or fiscal year but cannot be…

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Checking Up On Suppliers Regarding GST/HST?

INPUT TAX CREDITS: Checking Up On Suppliers Do I have to check up on a supplier when paying them GST/HST? Yes! In a January 29, 2016 Tax Court of Canada case it was noted that CRA had denied over $500,000 of input tax credits (ITCs), and assessed penalties and interest, in respect of GST and QST paid to twelve suppliers. Unknown to the taxpayer, the suppliers did not remit the tax. The taxpayer, a scrap…

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