Construction Corporation Tax Checklist
A corporation-focused checklist for Canadian construction companies, contractors, subcontractors and trade corporations.
Use this checklist to organize business records before preparing tax filings or meeting with a tax professional.
Educational use only
This checklist is for general educational purposes only. It may not be appropriate for every reader's or visitor's tax situation and should not be treated as personal tax, legal, financial, accounting, payroll, GST/HST, regulatory or licensing advice. Filing duties, deductible expenses, employment status, GST/HST obligations, reporting requirements and supporting documents depend on your specific facts, province or territory, contracts, residency, business structure and the rules for the tax year being filed.
1. Corporate and accounting records
- Articles of incorporation, business number, CRA program accounts, minute book and shareholder records.
- Year-end financial statements, trial balance, general ledger, bank reconciliations and loan statements.
- Prior-year T2 return, notice of assessment, instalment payments and CRA correspondence.
- Shareholder loan details, dividends, wages, management fees and related-party transactions.
- Equipment registers, vehicle schedules, financing agreements, leases and insurance policies.
- Contracts, project files, bonding, WCB or workers compensation, safety certifications and permits.
2. Project revenue and job-cost records
- Customer contracts, bids, estimates, invoices, progress billings, holdbacks and change orders.
- Deposits, retainage, accounts receivable, work in progress and unbilled revenue details.
- Materials, supplies, equipment rentals, subcontractor invoices, site costs and disposal fees.
- Vehicle, fuel, repairs, maintenance, tools, equipment, shop, yard and storage costs.
- Project-by-project gross margin reports, if available, to support revenue and expense allocation.
- Capital asset purchases and disposals separated from current repairs and supplies.
3. T5018, payroll, GST/HST and tax compliance
- T2 filing requirements, electronic filing requirement, balance-due date and instalment obligations.
- GST/HST returns, sales tax collected, ITC support and invoices with required GST/HST details.
- T5018 reporting if construction is the corporation's primary income source and payments to resident subcontractors exceed the reporting threshold.
- Subcontractor names, addresses, business numbers, invoices, payment records and contracts.
- Payroll records for employees, source deductions, T4s, benefits, vacation pay and workers compensation.
- Worker classification support for employees, subcontractors, incorporated trades and labour-only arrangements.
4. Final review before filing
- Reconcile revenue to contracts, invoices, bank deposits, holdbacks and year-end receivables.
- Confirm subcontractor payments agree to T5018 reports and general ledger accounts.
- Review shareholder withdrawals, wages, dividends, personal-use assets and related-party charges.
- Keep contracts, invoices, receipts, payroll, GST/HST and T5018 records for CRA review.
Official sources and reference links
This checklist is a preparation aid. Confirm current eligibility, filing duties, licensing requirements and documentation with CRA guidance, the applicable regulator, or a qualified professional.