Accountant for the transportation and trucking industry

In Quebec, keeping a truck on the road is expensive even before the first revenue-generating kilometer: fuel often accounts for a quarter to a third of operating costs, rates per kilometer vary from one client to another, and net margins are measured in just a few percentage points. Between quarterly IFTA reports, IRP plates, mileage logs, spring thaw restrictions on loads, and the depreciation of a tractor-trailer, a trucking company’s accounting is unlike that of any other business.

We’ll connect you, for free, with an accountant who truly understands the trucking industry: Category 16 CCA for tractors and heavy trucks, 80% meal deduction for long-haul driving, GST/QST zero-rated on international freight, driver payroll, and the pitfalls of the “driver-as-employee” model. the right match for your fleet, as many consultations as you need, and we’re here to support you every step of the way. No obligation.

• Net margins are tight, often just a few percentage points: every cent of the per-kilometer rate counts.
• Fuel often accounts for one-quarter to one-third of operating costs, with volatile prices at the pump.
• Major capital assets: A tractor-trailer is financed over several years, and its CCA must be planned, not simply accepted as a given.
• The “Driver Inc.” Trap: Potential reclassification as a personal services business, loss of the SBD, and a hefty tax bill.
• Multi-jurisdictional compliance as soon as you leave Quebec: quarterly IFTA, IRP plates, and taxes in the provinces and states you pass through.
• Seasonality and the thaw: spring load restrictions and slow periods that strain cash flow.
• Collections: Clients who pay in 45, 60, or sometimes 90 days, while fuel must be paid for in cash.

• GST (5%) and QST (9.975%) apply to domestic transportation; international freight and interline shipments between carriers are zero-rated, resulting in recoverable ITCs and ITRs.
• Quarterly IFTA reports filed with Revenu Québec for eligible vehicles operating outside Quebec: fuel tax allocated by territory.
• CCA: Category 16 (40%) for tractors and trucks designed to carry freight weighing more than 11,788 kg; Category 10 (30%) for other vehicles.
• Source deductions for salaried drivers’ payroll: income tax, QPP, QPIP, HSF, CNESST; T4 forms and RL-1 at year-end.
• Meals for long-haul truck drivers: 80% deduction (instead of 50%), with supporting records and TL2 and TP-66 forms for salaried drivers.
• Mileage log and fuel receipts: required to substantiate vehicle deductions with the CRA and Revenu Québec.
• T2 and CO-17 returns for corporations, or T2125 and TP-80 for unincorporated owner-operators.

How do I deduct my vehicle expenses and the cost of purchasing a truck? Road expenses (fuel, maintenance, insurance, permits) are deductible from your income, supported by a mileage log. Upon purchase, the truck is depreciated under the CCA: Category 16 at 40% for a tractor or truck designed to carry freight weighing more than 11,788 kg; Category 10 at 30% for all others. An accountant specializing in this sector will ensure the deduction is claimed at the appropriate rate.

I drive outside Quebec: What is IFTA, and who handles it? IFTA allocates fuel taxes among the provinces and states where you drive. If your eligible vehicle leaves Quebec, you must file a quarterly report with Revenu Québec, based on your mileage and fuel purchases by jurisdiction. Your accountant sets up the tracking system and prepares the reports to avoid penalties and additional tax assessments.

How much does an accountant cost in this sector? According to the Bankeo Fee BarometerBased on 1,248 real-world cases (2024-2026), the median fee for an accountant in Quebec is around $3,000 per year, ranging from $500 to $6,000 depending on the industry and complexity of the work. The Bankeo matching service is free: you pay your accountant directly at standard market rates.

How can I switch accountants for my transportation business without causing too much disruption? We ensure a smooth transition: your new accountant will take over your bookkeeping data, IFTA reports, and filings, and pick up where you left off, without any disruption during peak season. You won’t have to handle anything on your own; we’ll be with you every step of the way. And if it’s not a good fit, even six months down the line, we’ll find you another one at no cost.

Local or Remote Accounting Professional for the Transportation Industry? What matters is that they understand the trucking industry (IFTA, CCA, Driver Inc.), not their postal code. Many carriers work very well remotely using scanned documents and phone calls, which is convenient when you’re rarely in the office. If you’d prefer to meet someone near your facilities, we’ll take that into account when matching you with a carrier.

Is the “Driver Inc.” model risky? It’s a real possibility: the CRA and Revenu Québec may reclassify a company that provides services to only one client as a personal service business, which would result in the loss of the small business deduction and a higher tax bill. An accountant specializing in this sector will assess your actual situation and set things up properly to help you avoid any unpleasant surprises during an audit.