Trucking

Does company quaify for small business tax rate?
Personal Services Business

If the corporation is really just a 'corporate employee' and there aren't more than five full time employees, and multiple customers, these rules may apply. If they do, it isn't likely the company will qualify to claim any corporate business expenses other than what an employee could claim if they had a T2200 from their employer. Other expenses would be advances to the shareholder, and taxable to the shareholder as income. The company wouldn't qualify for the small business tax reduction, meaning any income left in the company and not T4'd out to the owner/manager would be taxed at the highest corporate tax rate. 

Employee rules are NOT same as self-employed
Meals for long-haul truckers
Meals & Lodging (including showers)
Documenting use of vehicles
Km rates
Transportation employees
Employees of a transport business
IC73-21R9 Claims for Meals & Lodging
Other Transport Employees
T4044 Employment Expenses Guide
T2200 Declaration of Conditions of Employment


Recommendation: Prepare a legal, signed, contract of employment that sets out terms and conditions in writing to back up a T2200 


T777 Statement of Employment Expenses
Trips to the United States
TL2 Claims for Meals & Lodging Expenses
GST/HST Rebate on GST 370
Self-employed truckers (no flat rates)
Expenses claim on a T2125
Motor Vehicle Expenses (automobile)
Type of vehicle affects expenses
Travel to earn business income
Line 8523 Meals & entertainment


See section on long-haul truckers 75% for 2010, 80% after 2010 of amounts consumed during eligible travel period of at least 24 continuous hours away, while driving a long-haul truck beyond radius of 160 km's from residential location





 

 

 

 
 
 
 
 
 
 
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