CPRS is system design for reporting payments made to Canadian construction subcontractors to the CRA. A construction business is required to report any payment to a vendor over $500 to the CRA. A business is deemed to be a construction business when more than 50% of a business' income-earning activities are from construction. Any vendor can be setup to track CPRS related payments in Sage 300.
Refer to the CRA website for more details on the whole process.
Business have up to 6 months to file their T5018 information slips after their fiscal year end. The following setup are required in Sage 300 for tracking and reporting T5018 slips to CRA.
Creating CPRS Code:
- Go to A/P setup.
- Open 1099/CPRS Codes icon.
- Enter a meaningful code name like “CPRS”.
- Enter a Description.
- Select Tax Reporting Type “CPRS”.
- Enter $500 for the Minimum amount to report.
- Save the code.
Setting up CPRS Code for the Vendor:
- Go to A/P Vendors.
- Open the Vendors screen.
- Select the for CPRS reporting.
- Go to the Invoicing tab.
- Select the Tax Reporting type CPRS.
- Enter the Tax Number.
- Select the Type
- Select the 1099/CPRS Code you created, CPRS.
- Click Save.
Recording CPRS Payments:
When creating invoices for vendors already setup for CPRS, the CPRS code will appear automatically. The only step required is to enter the CPRS Amount.
Printing the slip T5018:
Both methods of filing are available:
- Go to A/P Vendor Reports.
- Choose Print T5018 (CPRS) Forms.
- Enter the appropriate details required to print the forms.
- Go to A/P Periodic Processing
- Choose T5018(CPRS) Electronic Filing.
- Enter the appropriate details required to generate the file.
- Submit the file generated to CRA.