Generate T5018 Slips (End-of-Year Vendor Tasks for Canada)
Businesses in Canada are required by law to report payments to subcontractors for construction services to the Canada Revenue Agency (CRA) within six months of the end of the reporting period.
- Optional: Determine the number of forms for T5018 slips that you will need for your year-end activities.
- Optional: Contact the Canada Revenue Agency to order forms for your T5018 slips.
- Ensure that your accounts payable is complete for the year that just ended (that is, you have printed, posted, and distributed all checks).
- Optional: If you want to verify the
accuracy of the information on your T5018 slips, review each T5018 slip on-screen and
make changes on the Edit Vendor Compensation Forms screen, as needed.You may want to review this information if either of the following is true:
- You don't have complete transaction data entered for the tax year (for example, because it is your first year using ProContractor and you didn't load your initial balances).
- You haven't set up all of the required vendor information in ProContractor.
- On the Print Forms T5018 screen, print a T5018 slip for each vendor.
- Optional: Generate a file for T5018 slips to submit electronically.
- Optional: Generate a Forms T5018 Summary Report.
- Use the information from the Forms T5018 Summary Report to manually complete your T5018 Summary.