A T5018 is an information slip that is provided to a contractor and to the CRA for information purposes only.
The form shows the total contract payments made by a privately owned business to the contractor for services during the calendar year. In addition to the payments for services, the amount may also include payments for products, expenses, or reimbursements.
Since a contractor has to pay tax on all income earned, and because the amount indicated on the T5018 slip sometimes represents a combination of payments, the contractor must complete the appropriate tax form to determine the amount of taxable income to report on his or her return.
Typically, the contractor needs to complete form T2125 - Statement of Business Activities.
Enter amounts shown on a T5018: Forms Method (CD/Download)
- From the View menu, select Find Form....The Form Lookup window opens.
- In the Keyword to search for field, type T2125.
- In the Forms list, select T2125 - Statement of Business Activities and click OK. The T2125 form opens.
- Complete the applicable fields on the form.
Enter amounts shown on a Enter T5018: EasyStep Interview
- At the top of the screen, select the Personal Tax Profile tab.
- On the first Personal Profile screen, answer Yes to the question "did you have self-employment, rental, investment (bank interest, dividends, stock or bond sales), or other income?"
- Select the I was self-employed checkbox and click Continue.
- Continue through the Income section of the interview until you reach the Self Employment Section. You'll enter your T-5018 slip information in this section of the interview.
For more information, search the in-product Help for "T2125".