TFS Group provides accounting and compliance services to truck fleets and owner-operators of all sizes and stripes. The company is based in Canada, but its straightforward, plain-spoken advice and methods for managing the business side of the trucking business are universal. Story angles include choosing a business structure; tax strategies and compliance; IFTA reporting; financial planning; and managing the relationship between owner-operators and carriers. Media contact: Stephen Petit
Mar 30, 2011 | Story angle: Taxes The RRSP deadline is behind us, personal income tax season is straight ahead. It’s a busy time full of questions from clients. We get a lot of the same ones every year. But a few new questions came up that are worth sharing.
Mar 1, 2011 | Story angle: Taxes You may have received a letter from the Canada Revenue Agency recently with information about deductions you claimed on past tax returns. You’re probably wondering whether you’re being audited, watched, or should feel scared.
Jan 24, 2011 | Story angle: Financial Planning New Canada Pension Plan rules took effect on January 1, kicking off a series of graduated changes over the next five years that may make you think twice about drawing your government pension before you turn 65.
Nov 26, 2010 | Story angle: Business Structure, Recordkeeping, Taxes Canada Revenue Agency says only employees whose main job is long-haul trucking are entitled to use the simplified method to calculate their meal expenses. But what about owner-operators? They not employees, they’re independent businesspeople. Scott Taylor outlines a plan that uses incorporation to help owner-operators simplify their meal claims and potentially reduce their taxes.
Oct 29, 2010 | Story angle: Business Structure Workers comp boards offer no rehab or therapy for busted bank accounts. If you’re a carrier, it’s your duty to ensure that any contractor you hire meets his obligations to register for worker’s compensation by insisting on seeing a Certificate of Clearance each year. If you’re an owner-operator, be ready to prove that you’re registered and your account is in good standing.
Sep 24, 2010 | Story angle: Operations, Recordkeeping, Taxes Having an employee carries all kinds of obligations, including holding or reporting funds for EI, Canada Pension Plan (CPP), and workers comp, and following a variety of rules for hiring and dismissal. You can’t sidestep those obligations just by declaring a driver’s independence.
Aug 31, 2010 | Story angle: Recordkeeping, Taxes Back in May I offered a heads-up on changes resulting from Ontario and British Columbia combining their provincial sales tax with the federal GST into one Harmonized Sales Tax (HST) starting July 1. How are these GST/HST changes treating you so far? Have your carrier, fuel station and repair shop been handling the new tax correctly?
