Accountant for Hamilton businesses

Equipment, subcontractors and holdbacks

Hamilton's business base leans industrial. Manufacturers, fabricators, trades and construction firms carry accounting problems that service businesses rarely meet: equipment purchases that have to be capitalised correctly, subcontractor payments that trigger reporting, and holdbacks that make revenue and cash diverge for months.

HBT already runs construction and trades files in Alberta. The federal mechanics are identical, T5018 slips from $150 each, equipment treated as capital, holdbacks tracked separately, with Ontario HST at 13 percent replacing the Alberta GST position.

What a Hamilton engagement covers

How the work begins

1. 1

   Step 1: Map the operation

   Subcontractors, equipment, how billing and holdbacks work.

2. 2

   Step 2: Scope and fee

   Including slip volumes, confirmed before paid work.

3. 3

   Step 3: Through the year

   Monthly books, HST on schedule, slips on time.

Do Hamilton contractors need to file T5018 slips?

Generally yes. Businesses whose primary activity is construction and that pay subcontractors are usually required to report those payments to the CRA on the T5018 information return. The requirement is federal, so it applies in Ontario exactly as it does in Alberta. HBT prepares T5018 slips from $150 per slip as part of the year end work.