Compliance Requirements for the Trucking Industry
Addressing tax non-compliance in the trucking industry
The CRA has lifted the moratorium on the penalties for failure to report fees for service transactions in the trucking industry starting with the 2025 tax year. Trucking businesses will now face penalties if they fail to report payments over $500 in a calendar year made to Canadian-controlled private corporations (CCPC) in the trucking industry using box 048 of the T4A slip.
Additionally, Budget 2025 proposes funding for a focused program that addresses non-compliance related to personal services businesses and reporting fees for service.
If you have a client that operates a business in the trucking industry, it is important that they are aware of, and comply with, the specific tax obligations that may apply.
For questions or concerns, please reach out to Chris Bodnar.