Accountant for the construction industry

In the construction industry in Quebec, accounting happens just as much on the job site as it does in the books: tight bids, weekly CCQ payrolls to process, progress payments, holdbacks often at 10%, and subcontractors to document for the T5018 form. Add to that a short season, clients who pay in 60 or 90 days, and equipment to finance: without project-by-project cost calculations, your profit margin erodes before you even realize it.

We’ll connect you, for free, with a vetted accountant who understands the realities of construction contractors: job-site tracking, GST/QST, source deductions, CCQ reports, and year-end T2/CO-17 filings. We’ll find the right match for your business, provide as many introductions as needed, and stay by your side. No obligation.

• Net margins are often below 5%: a single undetected cost overrun can wipe out the profit from an entire construction project.
• A short, intense season: revenue concentrated from April through November, a two-week construction shutdown in July, and winter cash flow to plan for.
• Cash flow gap: weekly payroll and suppliers to pay, while customers pay within 60 or 90 days.
• Holdbacks, often 10% of the contract amount, tie up your profit margin until the work is accepted.
• Project-based cost accounting: Without a breakdown by job site (labour, materials, subcontracting, overhead), it’s impossible to submit an accurate bid.
• CCA on equipment: construction machinery in Class 38 (30%), heavy trucks weighing more than 11,788 kg in Class 16; incorrect classification distorts the tax calculation.
• The true cost of CCQ labour: 13% vacation and leave pay, employee benefits, and CNESST contributions are added to the hourly rate in your bids.

• 5% GST and 9.975% QST on your contracts, with individual rules for new residential construction (refunds) and self-supply for builders.
• Summary of Contractual Payments (T5018) to be filed with the CRA for your subcontractors as soon as construction becomes your primary business activity.
• Federal and Quebec payroll source deductions (source deductions), remitted on a scheduled basis based on total payroll.
• CCQ monthly report for labour subject to Act R-20, to be submitted no later than the 15th of the following month, including deductions.
• RBQ license and surety bond must be maintained; a certificate from Revenu Québec is required for public contracts of $25,000 or more.
• CNESST: registration, wage reporting, and periodic payments, with rates specific to construction site activities that are among the highest.
• T2 and CO-17 returns for incorporated companies, with revenue recognized based on the percentage of completion and processing of withholdings to be documented.

How can you tell if a project is profitable before construction is complete? Yes, this is possible with project-based cost tracking. An accountant familiar with the job site breaks down labour, materials, subcontracting, and overhead costs by contract, then compares actual costs to your bid each month. You’ll spot cost overruns as soon as they start, not just when the project is closed, and you’ll be able to bid more accurately on future requests for proposals.

Do I need to file T5018 forms for my subcontractors? Yes, as long as construction is your primary business and you pay subcontractors for construction work: the CRA requires the Summary of Contractual Payments (T5018). Your accountant compiles the payments, files the forms on time, and helps you avoid penalties. They also verify your subcontractors’ GST/QST numbers to protect your tax credits.

How much does a construction accountant cost? According to the Bankeo Fee Barometer, based on 1,248 real-world cases (2024-2026), the median cost for this sector is around $3,540 per year. The cost varies depending on whether you are a corporation or a self-employed individual, as well as the volume and complexity of your work. Bankeo’s matching service is free: you pay your accountant directly.

How to Switch Construction Accountants Stress-Free? We’ll work with you to resolve it: just tell us what’s holding you back (construction site monitoring, deadlines, CCQ reports), and we’ll connect you, for free, with an accountant who knows the industry. The transition simply involves transferring your files, payroll access, and T5018 history, often within a few weeks; the ideal time is after the end of the year, but it can be done at any time. And if it doesn’t work out, even after 6 months, we’ll find you another one at no cost.

Local or Remote Construction Accountant? Both options work very well. Bookkeeping, CCQ payroll, and taxes can be managed remotely using cloud-based tools, while a local accountant can be an asset if they’re familiar with the contractors in your area. The key criterion is construction experience: project-based cost accounting, T5018, and Act R-20. We’ll match you with the right candidate based on your preferences.

Who is responsible for filing the monthly CCQ report, and what happens if it is late? As soon as you employ workers subject to Act R-20, the monthly report must be submitted to the CCQ no later than the 15th of the following month, including payroll deductions. A delay results in penalties and interest, and may make it more difficult to obtain the status reports you need to win contracts. Your accountant or their payroll department integrates this into the weekly payroll cycle, so it’s taken care of automatically.