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
Feb 1, 2012 | Story angle: Taxes Because 2012 is a leap year, you have an extra day to find the income statements, assessment notices, receipts, logbooks, and anything else you need to back up your claims. Lucky you. Here’s how to make the most of it.
Jan 2, 2012 | Story angle: Taxes You want to learn from your mistakes, but it’s way more fun (and far less painful) to learn from the mistakes of others. That’s why it’s instructive to read Canada Revenue Agency’s police blotter of tax-fraud convictions, which the agency posts on its website.
Dec 1, 2011 The Canadian government continues to make changes to Canada Pension Plan retirement benefits. The latest revisions take effect gradually from 2011 to 2016, but one of the biggest starts on Jan. 1, 2012. It’s called the Post-Retirement Benefit (PRB), and depending on your age and whether you collect a CPP retirement pension, it may affect the size of your paycheque.
Nov 1, 2011 | Story angle: Taxes Capital Cost Allowance, or CCA, is a way to to deduct a calculated portion of the truck’s expense over a period of years as the vehicle depreciates. It’s a great system but requires some strategic planning—and the right information—in order to make the most of it.
Sep 30, 2011 | Story angle: Financial Planning, Money Management, Operations, Taxes Shopping for a truck involves three separate decisions. There’s the vehicle itself, the money to pay for it, and the taxes. Like legs on a stool, all three need to bear weight if that truck is going to help you make a good living.
Aug 26, 2011 | Story angle: Recordkeeping, Taxes More Canadians than ever file their income tax returns online. It’s easy and if you’re due a refund, you’re going to get it two to four weeks sooner than you would filing by mail. Still, each year we get questions about the process. Here are four things you should know about filing electronically.
Jul 28, 2011 | Story angle: Recordkeeping, Taxes I get a lot of questions about “company cars.” The big issue has nothing to do with what type of expenses you can write off or whether it’s best to lease or own a vehicle. The No. 1 reason claims are denied is for failure to properly log business-related travel.
