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Long-haul Drivers (Part 1)
April 20, 2019
Tax Savings for Home Buyers
May 6, 2019

 

If you have the incorporated or unincorporated business, you can claim truck related and other expenses such as:

  • Advertising
  • Meals and Entertainment (50% vs. 80% vs. 100% amounts)
  • Travel (Hotel/motel, parking, showers)
  • Business Tax (Municipal licence, Chamber of Commerce)
  • Office Expenses
  • Supplies
  • Professional Fees- legal and accounting
  • Automobile Expenses
  • Yard Rent
  • Salary, wages, vacation pay
  • Employee benefits (CPP, EI, Medical and extended benefits (optional))
  • WCB (for owner/operators, the lease company is required to remit WCB on behalf of the lease operator and cannot back charge the owner/operator. Amounts are based on gross truck earnings.
  • Payments to Sub-contractors
  • Telephone
  • Fuel, oil and other fluids
  • Maintenance & Repairs (Tractor, trailers)
  • Insurance
  • Truck lease
  • Business Use of Personal Residence (mortgage interest, utilities, property tax, etc.)
  • Interest (truck loans, bank account)
  • Bridge and Highway tolls, municipal ant state access licenses
  • Capital Cost Allowance for purchased vehicles and other eligible Capital Property
  • Other typical expenses
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