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Taxes, Taxes, Taxes
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This timeless book is written to lease/owner Operators in Canada. It deals with every known tax issue applicable to them. It exposes the two primary methods of taxable income reporting and traces the historical logic of the two systems even quoting a significant court case word for word. It then promotes one method as the superior over the other, exposing annual after tax benefits in the thousands. You can view a chart showing the net tax difference in the research portion of this website.
It has been credited with moving the lease/owner operator business primarily from self-employed status further to incorporations. Though incorporating by itself is not what produces the benefits it is necessary to be able to collect non-taxable benefits. Operators who have learned to use the system described in this book have saved thousands of dollars per year in taxes. The net tax savings have been studied and tracked at our firm since the publication of this book. Annual savings have averaged to the following:
| Year | Daily Total Savings | Anual Tax Savings |
|---|---|---|
| 2008 | $30.23 | $7,617.79 |
| 2009 | $34.99 | $8,819.93 |
| 2010 | $37.02 | $9,329.90 |
| 2011 | $40.06 | $10,095.33 |
| 2012 | $41.05 | $10,344.70 |
| 2013 | $41.71 | $10,511.32 |
| 2014 | $43.42 | $10,942.77 |
Increases and variations depend on the mix of drivers and average volume of days on the road (our daily totals assume 21 days per month). There will be a constant increase in annual tax savings year over year because non-taxable benefits increase twice per year at an annual increase usually greater than inflation. The TL2 simplified method increases only randomly (as the “research” section on this web site shows) for example: 2003 ($33.00 to $45.00), 2006 ($45.00 to $51.00), 2007 (start of the increase from 50%-80% deductibility).
“Making Your Miles Count: taxes, taxes, taxes” is the tax textbook for Canadian lease/owner operators.
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