There is more to a logistics business and trucking business than handling, moving, and storing cargo and goods.
A logistics company is also responsible for customs clearance, GST/HST issues, and tax compliance. Unfortunately, Canada’s tax landscape can be confusing and if you don’t have a comprehensive understanding of Canada’s ever-changing tax environment, it can get expensive.
Below are some ways an experienced tax expert can help businesses in the transportation and logistics sectors.
Tax Analysis, Preparation, and Filing
Tax consultants with experience in the logistics and transportation sector can provide you with advice on how to handle various tax issues.
Not only will they help you prepare your tax returns in a more professional way, they can also help resolve other tax problems that can arise when dealing with the Canada Revenue Agency (CRA), including a tax audit, tax debts, and unfair assessment.
Accurate and Timely Financial Reporting
It’s important to provide your tax professional with good quality, accurate information about your business income, assets, and liabilities.
The more comprehensive a picture you rpovide of your business, the more accurate your financial reporting will be. A professional tax firm can help logistics, transportation, and supply chain management companies track and follow assets, debts, income, and expenses.
Growth Analysis and Risk Assessments
Because margins are tight in logistics and transportation, companies need to be careful when they are growing or looking to expand.Reducing costs or expanding in the wrong areas could put a massive dent in cash flow and could even bring a company to its knees.
Tax experts that provide professional bookkeeping and accounting services can provide thorough growth analysis and risk assessment. This can help businesses determine if it is advantageous to expand into certain geographic areas, or whether it is better to hold off until a better time.
FBC, Tax Experts for the Logistics and Transportation Sector
Whether it’s preparing and filing taxes, reporting and documenting payroll, managing rising fuel and labour costs, or navigating inter-provincial and cross border compliance issues, FBC can provide your owner-operator trucking business with all your accounting, risk management, advisory, and financial reporting needs.
Since 1952, the tax experts at FBC have worked exclusively with small business owners, farm owners, truckers, and independent contractors. Over the last 66 years, we have helped tens of thousands of clients from coast-to-coast with customized tax services, bookkeeping, tax preparation, business planning, succession planning, financial and estate planning.
For more information on FBC and the services we offer, call us today at 1-800-265-1002 or submit an online form and an FBC tax specialist will contact you at your earliest conven