Logistics and Transportation

Industry image.

Spergel Strategic Solutions for Logistics and Transportation Businesses

It isn’t easy managing accounts receivable and other aspects of logistics and transportation operations. Unique to this industry, financial issues and interests can be spread out across the country. Provincial laws and rules can differ making it difficult to know what to do if your business faces a financial crisis. Truck leases are typically personally guaranteed – which means you put your own personal finances on the line and expose yourself to risks as a business owner.

If you are an incorporated truck driver working under a contract to drive for a transportation company, your corporation may be assessed by Canada Revenue Agency (CRA) to be a Personal Service Business (PSB). The tax implications of being treated as a PSB are significant as PSB’s are not allowed to take many of the deductions available to corporations.

CRA is now investigating many corporations that subcontract to truck drivers. If you employ contract truck drivers in this industry, the government’s investigation into your affairs may not go in your or your driver’s favour. If you are assessed to pay source deductions, your assessment will likely include penalties and interest.

We can help you find a comprehensive debt solution that will take all your interests into account whether you own a trucking company or simply drive a transport truck.

Logistics and Transportation Experts:

Mukul Manchanda

Managing Partner, Corporate Restructuring & Insolvency

Philip H. Gennis

Licensed Insolvency Trustee, Corporate Restructuring and Insolvency

Featured Articles:

Lending to Your Company: Protecting Your Shareholder Loan, Part I

Lending to Your Company: Protecting Your Shareholder Loan, Part II

Our Services

For over 30 years, our Licensed Insolvency Trustees have been helping all sizes of businesses identify and solve their business debt problems. Our breadth of restructuring experience can help your business explore all possible business debt solutions. Whether you need operational and financial restructuring, insolvency or advisory services – let our team help you discover strategic and cost-effective solutions.

Solutions for Business Owners

Solutions for Lenders & Creditors

Let's start a conversation.
Contact us today.