Accounting and Tax Services for Trucking

Trucking and transportation have been lucrative businesses since time immemorial. To succeed, you can’t afford to take your eyes off the road or take your foot off the gas. Juggling accounting and taxes along with successfully running your trucking business can be a difficult feat to achieve.

We, at Blue Ocean Tax, understand the ins and outs of the trucking industry and have years of experience in helping trucking clients handle their finances efficiently. Life on the road can be lonely, but with Blue Ocean Tax, you are never alone.

Let us help with accounting, bookkeeping, payroll, tax returns and other financial obligations so that you can focus solely on managing your business.


Our team of experts can help truck drivers - under payroll or incorporated, and large and small trucking businesses with financial services related to tax and accounting.

Truck drivers – Under payroll

If you are a truck driver working as an employee of a trucking business, don’t worry Blue Ocean Tax is here to help you to minimize your taxable income and have these tax forms complete:

  • TL2 – Claim for Meals and Lodging Expenses
  • 2020 Max claim $23 per meal for up to 3 meals per day - 80% in Canada & 50% in USA.
  • 2019 Max claim $17 per meal for up to 3 meals per day - 80% in Canada & 50% in USA.
  • T2200 – Declaration of conditions of Employment to claim expenses.
  • ? GST370 – Employee and partner GST/HST Rebate Application to claim GST/HST paid on expenses.

Labour Laws to Comply for the Employer

  • If you are hiring incorporated drivers, then the drivers would be considered as employees under the labour code.
  • Incorporated drivers are entitled for vacation and overtime.


Tax Treatment of PSBs
  • Not eligible for small business deduction and general rate deduction, PSBs are subjected to a combined federal and provincial tax rate of 33%
  • Can’t claim most expenses related to office supplies, meals, cell phone bills, etc.

  • While it might seem a bit tricky to get tax deductions for Drivers Inc., our years of experience in serving incorporated drivers has made us specialists in maximizing tax deductions.

    Tax Solutions
  • Move into a trucking company’s payroll
  • Find a trucking company that provides a lease/purchase program to become an owner/lease operator.


Truck drivers – Owner/Lease Operators

If you are a truck owner or if you drive a leased truck, then working with Blue Ocean Tax will open doors to multiple tax saving options. We look into all the following tax deductions allowed for truck owners/lease operators to ensure that you maximize tax savings:

Deductions allowed

  • Fuel costs
  • Insurances
  • Repair and maintenance
  • Long-haul meals
    • 1. 80% - Canada
    • 2. 50% - USA
  • Cell Phone bill
  • Service vehicle (personal vehicle expenses)
  • Admin Fees (dispatch costs)
  • In-Truck office Supplies
  • Electronics
  • Accounting Fee
  • Tolls and scales
  • Office space
  • Depreciation of Truck- First year 20% and thereafter 40%
  • Lease costs
  • Bank charges


    Why choose Blue Ocean Tax

    We use trucking operations management software like Trucklogicsto get access to financial reports and use cloud-based accounting software like Quickbooksto ensure quick and accurate bookkeeping.

    We, at Blue Ocean Tax, help truck drivers in achieving their financial goals through services like:


    • Register incorporation
    • GST/HST/Payroll/WSIB registration
    • Maximize Deductions and Expenses
    • Tackling Corporation Tax Returns
    • Tax planning
    • Managing factoring Invoices
    • Streamlined driver settlements
    • Representation on all matters related to CRA
    • 24X7 Support




    If you are an independent owner, or operate a logistics business, please feel free to contact us and discuss your current and future accounting and tax needs, You can call Blue Ocean Accounting & Tax Firm at 1-833-909-1234 or email us at for our no obligation consultation.