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T5018 Statement of Contract Payments

Wednesday, December 02, 2015

T5018 Statement of Contract Payments

A T5018 is issued when payments are made to subcontractors where at least 50% of your primary source of business income derives from construction activities. If the total payments made to a subcontractor are less than $500 there is no need to issue a slip.

Issuing T5018s

When reporting payments made to subcontractors include any GST/HST and provincial/territorial sales tax on the slip. If you file more than 50 information slips the CRA requires you to file them electronically; less than 50 slips you may choose to file electronically or by mail.

To view this form, please follow the link:

T5018 - Statement of Contract Payments

You can choose to file the completed T5018 slips based on the calendar year or based on your fiscal year. Once you choose a reporting period you have to file the same way each and every time after that. If you wish to change your filing period you will have to receive written authorization from the CRA to do so. These information slips are due to be filed with the CRA within 6 months of the end of the reporting period that you have selected.

The CRA has in place penalties for filing the information slips late. The minimum penalty for filing 1 – 5 slips late is a flat $100, from that point there are incremental increases depending on the amount of slips that are late filed. These amounts are calculated on a daily basis, per slip, costing the business owner anywhere from $5 per day up to $75 per day, with a maximum penalty amount of $7,500, all dependent on the number of information slips that are filed late.

For more detailed instructions on filling out the slips, please follow the link:

Completing the T5018 slip 

The CRA encourages you to give a copy of the T5018 slip to your subcontractor however, it is not mandatory.

Completing the T5018 Summary

The summary is where you report the totals of the amounts reported on the slips; the summary must agree with the numbers reported on the slips.

For more detailed instructions on filling out the summary, please follow the link:

Completing the T5018 Summary

The Subcontractor 

As a subcontractor you need to provide your CRA business account number or your social insurance number to the contractor. The T5018 slip reports all payments that were made to you, including GST/HST, or provincial/territorial sales taxes. You may, or may not, receive a copy of the T5018 slip as it is not mandatory for the contractor to issue the subcontractor a copy, except to the CRA. These slips are reported as income on your income tax return.

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