What is form T5018, Statement of Contract Payments?
Canada Revenue Agency (CRA), in consultation with the construction industry, developed the Contract Payment Reporting System (CPRS) to encourage compliance in that industry by requiring construction businesses to record payments made to subcontractors for construction services, and to report these payments to the CRA. If you are an individual, partnership, trust, or corporation whose primary business activity is construction, you must report amounts paid or credited (whether by cheque, cash, barter, or offset against amount owing) for construction services by filing Form T5018.
