At RAVINDER MAKKAR CPA, CGA office, we provide services to all sectors including trucking, carrier cargos, as well as several others. Whether you own a small business with just a few employees or are in charge of running a large company with multiple locations, you can benefit from the business accounting services we offer. Our team is equipped to handle all of your business accounting and taxation needs. We understand the complexities involved in running a trucking business as a vast number of our clients come from trucking industry. If you are looking for tax preparation, general bookkeeping or more in-depth financial planning and support, we have the skills to help you keep proper track of your corporate taxes , HST and payroll finances.
Revenue Canada has been increasing audits in this industry, in addition to HST, Payroll and Workers’ Compensation Board (WCB) audits. Dealing with a specialized accountant, who knows the trucking industry and discuss the intricacies of your will allow you to maximize your claim and minimize the taxes.
RAVINDER MAKKAR CPA,CGA assists in professional Accounting, Tax Auditing and Tax services that fully adopt to our clients individual needs and the industry the company is operating. Our specialties are Audit of Payroll, HST , WSIB, and Tax Audits .
General information on Transport Industry
What is Interline ?
Several carriers may take part in the supply of a freight transportation service during the course of a continuous freight movement from the shipper to the
consignee. This process is called interlining. Interline freight settlements between carriers are treated as payments for freight transportation services supplied to each other and are zero-rated.
Only the “invoicing carrier” who settles the freight bill directly with the customer, who may be the shipper or the consignee, is responsible for charging and collecting any applicable GST/HST. Any payment to other carriers who participate in the transportation of the goods is zero-rated. Domestic freight transportation services used to move raw materials to a processing plant, such as grain moved to a dockside elevator to be cleaned, dried, and graded before being exported, are subject to GST/HST, unless interlining applies
If an owner-operator provides a freight transportation service on behalf of a carrier and the carrier remains responsible for invoicing the customer, the services provided by the owner-operator to the carrier are zero-rated under the Interline settlement rules.
If you, as a truck owner-operator, only provides interline freight transportation services, you do not collect GST/HST from the carrier for those services. However, even if you are a small supplier if you register for the GST/HST, you would be able to claim ITCs for GST/HST you pay or owe on expenses related to your interline services.
You have to register for GST/HST if:
■ You provide taxable goods and services in Canada; and
■ You are not a small supplier.
Generally, if you provide only exempt goods and services, you cannot register for GST/HST or charge tax on your supplies of goods and services. If your total gross revenues, and those of your associates, from worldwide taxable supplies were $30,000 or less over the last four calendar quarters and are also $30,000 or less in one calendar quarter, you are a small supplier. As a small supplier, you do not have to register for GST/HST but you may choose to do so voluntarily.
If you choose to register, you have to charge GST/HST on your supplies of taxable (other than zero-rated) goods and services. You may also claim ITCs for the GST/HST you paid or owe on purchases and expenses incurred to provide
For further information contact us at: 905-791-6666 or e-mail: makkarcpa@hotmail.com
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