Bookkeeping for BC contractors and trades
Construction books aren't like other books. Revenue arrives in progress draws, holdbacks sit on the balance sheet for months, and subcontractor payments come with their own CRA reporting. We set your books up around jobs, then keep them current every month.
What makes these books different
Job costing
Materials, labour, and subcontractor costs tagged to the job they belong to, so you can see which jobs actually made money.
Holdbacks
Under BC's Builders Lien Act, a 10% holdback is typically retained from contract payments. We record holdbacks receivable and payable separately, so they don't disappear into revenue or payables.
Progress billing
Draws and progress invoices matched to the work completed, so revenue isn't overstated early in a project.
Vehicles & equipment
Trucks, trailers, and tools set up for capital cost allowance, with business-use records kept for vehicles.
Compliance we keep on top of
T5018 contract payment reporting
If construction is your main business activity, CRA requires you to report payments to subcontractors on T5018 slips. We track subcontractor payments all year, so the slips are straightforward.
WorkSafeBC
Employers need WorkSafeBC coverage, and a contractor can be held liable for a subcontractor's unpaid premiums. Clearance letters for your subs protect you; we keep your own payroll reporting current.
GST on contracts
GST applies to most construction services, and input tax credits on materials and subcontractor invoices add up quickly — as long as the invoices carry the information CRA requires, including the supplier's GST number.
Common questions
When are T5018 slips due?
T5018 information returns are due six months after the end of your reporting period, which can be either the calendar year or your fiscal year.
Other industries
Real numbers, not "we'll get back to you."
Answer a few questions and see your monthly, one-time, and year-end pricing on the spot.
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