Builders Tyce Carle-Thiesson Chartered Accountants

 

Builders

Construction Reporting

The Income Tax Act requires construction contractors to report payments to subcontractors in the course of "construction activities" (along with the subcontractor’s Business Number or Social Insurance Number) on Form T5018 (see Resources section for form download) on either a calendar or fiscal period basis within six months after the end of the reporting period. Failure to file Form T5018 could result in a penalty.

Payments of less than $500 per year per subcontractor do not have to be reported.

"Construction activities" include the erection, excavation, installation, alteration, modification, repair, improvement, demolition, destruction, dismantling or removal of all, or any part, of a building, structure, surface or sub-surface construction, or any similar property if the person’s business income for that reporting period is derived primarily from those activities.

 
 
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Incorporation

British Columbia Construction Association

The BC Construction Association represents approximately 2,000 companies in an industry that employs 140,000 British Columbians and represents 15% of the provincial GDP. Membership includes general contractors, manufacturers, suppliers and allied services, who are primarily involved in the institutional, commercial and industrial sectors.

Vancouver Island Construction Association

Vancouver Island Construction Association was formed in 1984 to consolidate the representation of 4 local Island associations; Southern Vancouver Island Construction Association (formerly Construction Association of Victoria), Mid Island Construction Association (formerly Nanaimo Construction Association), North Vancouver Island Construction Association and Alberni Valley Construction Association (since closed). The VICA Board of Directors meet regularly to discuss and provide suggestions, opinions and recommendations on provincial government industry issues that affect our membership.

 
 

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