T5018 filing is critical for Canadian construction businesses to meet deadlines, maintain compliance, and avoid penalties. The T5018 Statement of Contract Payments helps the Canada Revenue Agency (CRA) track payments made to subcontractors and ensure accurate tax reporting. Missing deadlines or filing incorrectly can result in hefty penalties, interest charges, and even audits—consequences that no business owner wants to face. However, with the right understanding and strategies, you can avoid these costly mistakes and stay compliant. Let’s explore the key