Bookkeeping and Tax for Contractors, Trades and Truckers

Toronto Tax & Accounting Solutions Inc. prepares tax returns and keeps the books for contractors, tradespeople and truck drivers in Toronto and the GTA, whether you work as a sole proprietor or through a corporation. We work from our Scarborough office or entirely online, in English, Urdu and Punjabi.

Request a quote · Call (437) 410-7999 · WhatsApp

Sole proprietor or corporation?

A sole proprietor reports business income on Form T2125 with the personal return. A corporation files its own T2 return, separate from the owner's personal return. Which is better depends on your profit, liability and cash needs. See our guide to sole proprietorship vs corporation in Ontario.

T5018 reporting for construction

The CRA requires a business whose primary source of business income is more than 50% from construction to report payments to subcontractors for construction services. The CRA's Contract Payment Reporting System asks for payments of more than $500, not counting GST/HST, to each subcontractor in a calendar year, reported on T5018 slips and a T5018 Summary. If you are a subcontractor, you may receive a T5018 slip from the contractor you work for. See the CRA's T5018 slip and T5018 Summary pages. Clean subcontractor records, including each subcontractor's legal name and business number, make this reporting much easier.

GST/HST for contractors

You must register for GST/HST once your taxable sales pass $30,000 in a single calendar quarter or over four consecutive calendar quarters. See our guide to GST/HST registration for freelancers and the $30,000 threshold for how the test works, and GST/HST services for registration and returns.

Records contractors and truckers should keep

• Job invoices and customer payments
• Material, tool and equipment receipts
• Subcontractor invoices, with names and business numbers
• A vehicle logbook showing business and total kilometres
• For truckers: fuel, tolls, repairs, insurance and trip records
• Bank and credit card statements for the account you use for the business

Payroll for employees is available, and we do not handle WSIB. See payroll services.

Starting fees

Prices are in Canadian dollars, before HST. We confirm your scope and fee in writing before starting.

• Monthly bookkeeping: from $99 a month, depending on transactions and accounts. See bookkeeping packages.
• Corporate (T2) return: from $499 for an active corporation and from $250 for a nil return. Bookkeeping, financial statements, payroll filings and the Ontario annual return are separate. See corporate tax.
• Payroll: $100 one-time setup, then $35 per employee per month for monthly pay or $60 per employee per month for biweekly pay. T4 and ROE preparation is included for businesses with 5 or more employees. See payroll services.
• Self-employed return: from $149.99 per return. See self-employed tax.

Contractor and trucker questions

Do I need to file a T5018 slip?

Only if construction is your primary source of business income, more than 50% under the CRA's rule, and you paid a subcontractor more than $500, not counting GST/HST, in a calendar year for construction services. We review your situation and tell you.

Can I deduct my truck or vehicle?

You can claim the business-use share of vehicle costs, supported by a logbook of business and total kilometres.

Should I incorporate my contracting business?

It depends on your profit, liability and cash needs. Incorporation is not automatically a tax saving. Tell us how you work and we will explain the trade-offs.

Can you handle both bookkeeping and tax?

Yes. Keeping the books during the year makes the return and any T5018 reporting faster and more accurate.

Get a quote

Tell us whether you work as a sole proprietor or through a corporation, whether you hire subcontractors or employees, and whether you are registered for GST/HST.

Request a quote · Call (437) 410-7999 · WhatsApp

Work directly with an owner-operated firm

Toronto Tax & Accounting Solutions Inc. is owner-operated by Behroz Rizvi. You deal directly with the person who oversees your return and is familiar with your file. You can discuss your return in English, Urdu or Punjabi and contact the firm with questions after filing.

Credentials held by Behroz Rizvi: QuickBooks ProAdvisor (Gold tier) · Xero Certified Specialist (Level 3) · Payroll Compliance Practitioner (PCP). View credentials and verification details.

Read client reviews on Google. They come from clients across Scarborough, Toronto and the wider GTA.

From enquiry to filed return

1. Tell us what you need. Include the service, tax year and any approaching deadline. Do not include SINs, passwords or tax documents in your enquiry.
2. Receive your quote and checklist. We confirm the work, fee and expected timing, and explain how to share sensitive documents.
3. Review the result. We prepare your return and explain it before asking for your approval and the required authorization.
4. Approve, then we file. You receive a copy of the filed return. Your refund or balance owing depends on your circumstances and the CRA's assessment.

See how we work for the full process. If the CRA sends a notice about a return we prepared, we explain it at no charge. Response work is quoted separately; we do not prepare formal Notices of Objection.

Our only office is Office 19, 695 Markham Road, Scarborough, Ontario M1H 2A5. Work with us online or visit the Scarborough office. Check current hours and visit details.

Please do not send SINs, passwords, banking credentials or tax documents in the enquiry form. We explain how to share sensitive information after you contact us.

Credentials and experience

Your return is handled by owner Behroz Rizvi. Read our Google reviews or view his credentials and experience.

QuickBooks ProAdvisor Gold tier. Xero associate, professional and specialist certifications held by Behroz are valid to October 26, 2027. These software credentials are separate from tax filing authorization.