Micheal Simpson, CPA, CA
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Looking cautiously round, to
ascertain that they were not
overheard, the

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This I have produced as a
scantling of Jack’s great elo-
quence and the force

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With what mingled joy and
sorrow do I take up the pen
to write to my dearest

Is Construction your Primary Source of Business Income?

The CRA is increasing their focus on non-compliance within the construction industry concerning the payment of subcontractors. For most contracting companies to remain compliant with the CRA regulations they must submit T5018 slips.

What is a T5018 Statement of Contract Payments?

A T5018 is an information return which a payor (contractor) must submit to the CRA reporting amounts paid to payee (subcontractor). If you are an individual, partnership, trust, or corporation involved in construction activities that represent 50% of your business’ income-earning operations, you must adequately submit T5018 information returns and slips.

As a construction company who makes payments to or credits a subcontractor (whether by cheque, cash, barter, or offset against an amount owing), ensure you always record the required information necessary to complete your T5018. T5018’s are due six months after your year-end.


There are major penalties for non-compliance!

Construction companies who plan to avoid taxation by concealing payments to subcontractors are committing a criminal offence. If the contractor is caught and criminally charged, they can face fines and a maximum penalty of up to 200% of the tax they tried to avoid.

To learn more contact a GMSPC representative or CLICK HERE

GMSPC Attends Special Event with Rana Chauhan, Chief Investment Strategist of IPC Portfolio Services

On Tuesday (28 May 2019) a few clients and members of the GMSPC team, attended a special event at the Ottawa Hunt and Golf Club featuring IPC Portfolio Services and hosted by Dean Trudeau of OPES IPC Securities Corporation. Rana’s engaging presentation focused on avoiding fear by focusing on the obvious when it comes to your investment portfolio.

Rana Chauhan

Rana’s is responsible for helping financial advisors understand how economic and market events impact their clients’ investments. He achieves this by using “data we have from the past and present with honesty about the unknowable future,” and by not relying “on the use of forecasts, relationships or emotions to guide decisions but to substitute facts, logic and reason.” Rana has travelled the globe in search of the truth concerning the global market – beyond what is said the media. His processes allow him to keep his finger on the market’s pulse and global economic developments.

Rana and IPC Portfolio Services team have a fantastic track record of buying into the right market at the right time – acquiring Facebook stock at IPO, Amazon stock at IPO, Disney stock at the Marvel acquisition, Netflix stock at IPO, and much more.

Rana and Dean concluded the presentation by reassuring their audience not to fear the current dip in the stock market.

Congratulations to IPC on a great event! Your team did exceptionally well, and I’m sure your clients saw the value in your service offering.

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We believe your accounting firm should be able to look beyond the financial statements and pass on any observations concerning improved and effective operations and structure.

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