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T5018 Statement of Contract Payments

#1 User is offline   Craig Morris Icon

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Posted 02 April 2005 - 11:39 AM

Twice this season, once with a co-worker, once with myself I have encountered the T5018 Statement of Contract Payments. Of course when I tried to find this slip in Profile..it was conspicuous by its absence. I ended up putting the amount reported onto a T2124, since the individual is a self-employed sub-contractor.

It would be nice to have an area to enter these payments in and have it flow through to the correct form.

Anybody else encountered this slip and wondered what to do with it? Let me know, your hints, tips and suggestions are always valuable.
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#2 User is offline   Annie_Cadoret Icon

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Posted 08 April 2005 - 12:12 PM

Good afternoon,


The T5018 slip is issued to subcontractors for construction services and is for information only. It is the reason why we do not have a T5018 slip in ProFile.


Thank you and have a good day!



Annie Cadoret
Tax Analyst
Intuit Greenpoint
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#3 User is offline   samhill Icon

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Posted 08 April 2005 - 12:54 PM

You will all remember that this is part of the government's effort to bring the "underground" economy to the surface.

Subcontractors generally work for more than one contractor, so that the subcontractor will have his revenues totalled up from all his contracts.

This form is just to inform him that the contractor that he performed work for has reported the amount on the T5018 to the govenment as being paid to him for the period reported on the slip.

If the slip is prepared by an incorporated contractor the period may not coincide with the calendar year!

The subcontractor, unless he is not keeping track of his invoices, will have a different total to report, with the amount on the T5018 being part of the total

You may be double reporting if you add the amount showing on the T5018!
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#4 Guest_snowplowguy_*

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Posted 08 April 2005 - 01:04 PM

>It would be nice to have an area to enter these payments in
>and have it flow through to the correct form.
>

It could not possibly work Craig. Some of his customers (businesses) may issue 5018's and some customers (individuals) may not. So it would be highly unlikely that the T5018's would add up to his gross income from self employment. It could become quite confusing to try to separate out sales that have been reported by a 5018 and sales that haven't in the sales journal.

Also.... remember T5018's include the GST.... so it may not all be income if your client is registered for GST.


... and the biggest problem..... T5018's are NOT required to be reported on a calendar year, but on the payor's fiscal year. So your client may receive a slip that shows amounts paid to him between May 1st, 2003 and April 30th, 2004.

The T5018 RAT slip reminds your client that someone is claiming a deduction for amounts paid to him and that CRA also has this information. Now if he's truly self employed then the amounts paid to him will already be included in his Sales Journal for the year. All he can do with the slip is see if it matches his sales data then file it away.

If he only receives 1 T5018 for the year and has no other customers then chances are he's really not an independent contractor anyway....but that's a whole different discussion.



>Anybody else encountered this slip .........


Yep..... I issue between 1,500 and 2,000 of them a year. Copy 1 gets sent to CRA, copy 4 goes in the clients file, and copy 2&3 get stored in the big round filing cabinet. Actually I don't even print copies 2&3. These slips are not required to be submitted to the subcontractors. http://www.guns-onli...ies/biggrin.gif
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#5 Guest_snowplowguy_*

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Posted 08 April 2005 - 01:07 PM

Oh ya one more thing ......... what Sammy said!

He's quicker than me.
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#6 User is offline   TaxPeron Icon

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Posted 03 March 2010 - 05:47 PM

Does anyone know how to file the T5018 slips electronically?

I found this excel template:
http://www.eyecode.ca/t5018.html

Just wondering if there are any other ways to file the T5018 electronically.

Any help would be appreciated,
Thank you.
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#7 User is offline   unknown Icon

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Posted 03 March 2010 - 09:52 PM

View PostTaxPeron, on 03 March 2010 - 10:47 AM, said:

Does anyone know how to file the T5018 slips electronically?

I found this excel template:
http://www.eyecode.ca/t5018.html

Just wondering if there are any other ways to file the T5018 electronically.

Any help would be appreciated,
Thank you.


yeah, using Fx works really well!
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