Holdbacks, T5018 slips for every sub, job costing per project, progress billing, and WSIB. GC bookkeeping is the most complex in the trades. We handle all of it.
As a GC in Ontario, you're operating in the middle of a financial web: invoicing owners on a draw schedule, paying subtrades on their own billing cycles, withholding and tracking the statutory 10% holdback in both directions, and filing T5018 slips for every sub you pay over $500 in the year. The Ontario Construction Act adds legal obligations around how money flows through the chain that most bookkeepers don't know exist.
On top of that, you need job costing that actually works. Not a blended margin across all your projects, but a real breakdown of what each job cost you versus what you quoted. That's how you know which project types are worth taking and which ones you've been underpricing for years.
Moyano & Co. specializes in trades and construction bookkeeping. We know the Ontario Construction Act, T5018 obligations, holdback mechanics, and progress billing inside out. You get clean, accurate books and a bookkeeper who understands what you're looking at.
Holdbacks you're owed from owners are accounts receivable. Holdbacks you're holding for subs are a liability. We track both sides correctly so your financial statements accurately reflect where every dollar sits.
Every sub you pay $500+ in a year needs a T5018. We track all sub payments throughout the year and handle filing by February for your entire subcontractor roster.
Every sub payment, material cost, equipment rental, and permit fee assigned to the right job. At completion you see your actual margin versus your quoted margin, and learn which job types to bid differently.
We set up invoicing to match your draw schedule, track what's been invoiced against work performed, and apply holdbacks correctly on each draw so you always know where you stand on each project.
We track WSIB premiums and help ensure your coverage is current for everyone on your sites. We also advise on WSIB obligations when using subs, a common area of exposure for GCs.
One of the most audited issues for GCs in Canada. We help you classify your crew correctly and document it properly so you're not facing a retroactive CPP/EI assessment years later.
Every transaction categorized, every account reconciled. Clean books delivered monthly.
Learn moreQuarterly or annual HST returns and zero missed deadlines. We know Ontario contractor HST rules.
Learn moreEmployee payroll, CPP/EI remittances, T4 slips, and subcontractor T5018 filings.
Learn moreTrack costs per project so you see actual vs. quoted margins on every job you run.
Learn moreAll your sub payments tracked, slips prepared, filed with CRA by the February deadline.
Learn moreBehind on your books? We'll untangle the mess, even years of backlog, no judgement.
Learn moreUnder Ontario's Construction Act, every owner must withhold 10% of each progress payment until 45 days after substantial completion. As a GC, you pass this holdback down the chain to your subs. In your books, holdbacks you're owed from owners are accounts receivable, not income. Holdbacks you're holding for subs are a liability. We track both correctly so your statements reflect the true state of each project.
Yes. Every subcontractor you pay $500 or more in a calendar year in the construction industry requires a T5018 slip filed with CRA. As a GC, that typically means filing for your entire sub roster: electricians, plumbers, HVAC, framers, roofers, drywallers, painters. We track all sub payments throughout the year and handle filing by February. Missing T5018s is one of the most common CRA audit triggers for general contractors.
We open a job file in QuickBooks Online or Xero for each project and assign every cost (sub payments, materials, equipment, permits, your own time) to that job. Mid-project you can see costs to date versus your budget. At completion you have actual margin versus quoted margin. Over multiple projects this tells you which types consistently hit margin and which ones you've been underpricing.
Significant. GCs are one of the most audited industries for this issue. If CRA determines your "subcontractors" are actually employees, you're liable for the employer's share of CPP and EI going back years, plus interest and potential penalties. CRA uses a multi-factor control test, not just your contract. We help you set up working arrangements correctly and document them so you're protected.
Yes. We set up invoicing to match your draw schedule, track what's been invoiced against work performed, and apply holdbacks correctly on each draw. We also track what you owe subs versus what you've collected from owners so you're never paying out ahead of what you've received, and you always know where each project stands.
T5018 slips are required for every sub you pay over $500. Most GCs don't know this until they're audited. Read the full guide.
Read the T5018 Guide →Book a free 30-minute consultation. We'll walk through your current setup and tell you what needs fixing. No obligation.