Ontario

Construction bookkeeping in Ontario

You cannot price the next job off books you do not trust. These guides cover getting receipts out of the truck and into a ledger, knowing by the fifth whether last month made money, and keeping records that hold up when somebody asks to see them.

4 ways to move forward

Practical guidesReceipts out of the shoeboxFiling a $47 receipt costs more attention than the $47 is worth on the day, so it waits until January. Photograph it in the parking lot, check what was read off it, and claim the HST you paid instead of losing it.Practical guidesDid I make money this monthThe bank balance is a mix of last month's invoices, next month's HST and a deposit on a job that has not started. Read the month, split it by job, and learn the difference between a job losing money and a job you have not invoiced yet.Practical guidesBooks that stand upThe fear is being asked a question about your own business and not being able to answer it. The way out is records made as the work happens, by the system that raised the invoice, so there is nothing to reconstruct in March.Practical guidesHST without the surpriseNobody writes to tell you that you crossed the threshold. Register on time, charge it on the whole invoice, keep the collected money separate, and read your return on the CRA's own line numbers before you sit down with your accountant.

Count it instead of estimating it

Ontario filing deadline calendarEvery date a contractor owes the CRA and WSIB, counted from your own year end. Including the T5018, which is the one that surprises people.Free, no signup.
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The rest of the Ontario library

Project documents & deliveryFinding construction work in OntarioBidding and prequalification in OntarioPricing construction work in OntarioGetting paid on Ontario constructionConstruction holdback in OntarioHST for Ontario contractorsStarting a construction business in Ontario
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