General Contractors
Residential and ICI general contractors managing subs and draws.
Who we help
Construction & Trades.
Contractors, subs and trade businesses that live on job costing and cash flow. Every niche below has dedicated pages for the things owners actually ask us about.
Electrical Contractors
ECRA/ESA licensed contractors, service calls to new construction.
Plumbing Companies
Emergency-service and new-construction plumbing businesses.
HVAC Companies
Heating and cooling companies balancing installs and service plans.
Roofing Contractors
Residential and commercial roofing companies with short seasons.
Landscaping & Snow Removal
Landscaping companies pairing summer maintenance with winter snow contracts.
“Your industry shapes your numbers. We know what to look for.”
Walla Assaf, CPA · Founder, Tauro Accounting
Common questions from construction & trades clients
05Should I incorporate my construction business?
In most cases, yes, especially once your income reaches a certain level. Incorporation provides liability protection and tax deferral opportunities. We can assess your situation and advise on whether it makes sense for you.
How do I handle holdbacks on my books?
Holdbacks need to be tracked separately as receivables and payables. The timing of when you recognize the income and when you can release payment to your subcontractors follows the Construction Act. We set this up properly from the start.
Do I need to file T5018 slips for subcontractor payments?
Yes. Construction businesses are required to file T5018 slips (Statement of Contract Payments) to report payments made to subcontractors. These are filed annually with the CRA. We prepare and file them as part of your engagement.
I need financial statements for bonding, can you help?
Yes. We prepare compiled or reviewed financial statements that meet the requirements of bonding companies and general contractors. We understand what they're looking for and present your financials accordingly.
My books are a mess, can you catch me up?
Yes. We do catch-up bookkeeping regularly for construction clients. We'll get your records organized, reconciled, and up to date, then keep them that way going forward if you want ongoing support.
Let us see if we are the right fit.
A free 15-minute discovery call, no commitment. Walla replies within two business days, either way.
