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Year-End Accounting · T2 Filing · Licensed CPA

Year-End Accounting & T2 Filing for Trucking Companies

The close that produces the numbers your return reports: settlements reconciled gross, loads delivered but not yet settled accrued, fuel and mileage tied to your IFTA filings, the fleet capitalised properly, owner-operator status assessed, and the shareholder loan quantified. T2 from $400. All fees include HST.

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AFFORDABLE Year-End Accounting & T2 Filing for Trucking Companies

Most carriers experience year end as a filing. The settlements and receipts go to the accountant, a return comes back, tax gets paid. But the return only reports what the close decided. Whether your settlements were recorded gross or net, whether the loads delivered in the last two weeks of the year made it into the year, whether the truck you bought is an asset or an expense, whether the money you drew is a loan: all of it is settled during the close, before the T2 is written.

A carrier's close is not an ordinary one. Your revenue arrives on broker settlements weeks after the load moved, net of advances, quick-pay and factoring fees. Your largest assets roll down the highway and depreciate on a schedule. Your fuel tax spans jurisdictions and depends on records nobody can recreate later. And whether your drivers are employees is decided by facts, not by the contract they signed. We close the year and file the T2 from the same office, which is how our accountant for truck drivers and trucking companies service is set up.

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Gondaliya CPA team - year-end accounting and T2 filing for trucking companies

Our Year-End Services for Trucking Companies

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Settlement Reconciliation

We record revenue gross and cost the advances, quick-pay and factoring separately.

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Loads in Transit

We accrue loads delivered before year end but settled after, so the year holds what it earned.

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Fuel Tax Reconciliation

We tie fuel and mileage in your books to your IFTA filings, so the two agree.

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Fleet & Capital Cost Allowance

We capitalise tractors and trailers into the right class and handle recapture on disposal.

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Owner-Operator Status

We assess the classification position before the CRA does, and record the payments to match.

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T2 Filing

We prepare and file the corporate return from a properly closed year. From $400, including HST.

Year-End Accounting for Trucking Companies by a Licensed CPA

The close that produces the numbers, then the return that reports them. From settlement reconciliation to filed T2. AFFORDABLE flat-fee pricing.

1

Settlements, Advances and Factoring

Where a carrier's close differs most.

  • Record gross revenue per load, not the net amount the broker remitted.
  • Cost advances, fuel advances and quick-pay discounts as their own lines.
  • Record the factoring fee as the cost it is, visible across the year.
  • Reconcile escrow, chargebacks and damage deductions to the settlements.
  • Show what factoring and quick-pay actually cost you over twelve months.
2

Loads Delivered, Not Yet Settled

The accrual that trucking cannot skip.

  • Accrue loads delivered before year end and settled afterwards.
  • Establish the receivable so the year reports what it actually earned.
  • Reconcile the accrual to settlements received after the year end.
  • Keep the cut-off consistent so revenue does not drift between years.
  • Separate factored and unfactored receivables in the position.
3

Fuel Tax and Jurisdictional Records

Records that cannot be rebuilt later.

  • Reconcile fuel and mileage in the books against your IFTA filings.
  • Tie trip records and fuel receipts to the distance reported by jurisdiction.
  • Identify gaps between the books and the filings before a review does.
  • Set a record-keeping cycle so the data exists when it is needed.
  • Coordinate the fuel position with your cost per mile reporting.
4

Fleet, Capital Cost Allowance and Disposals

Your largest assets, deducted over years.

  • Capitalise tractors and trailers into the class that fits the asset.
  • Separate routine maintenance from rebuilds and upgrades that are capital.
  • Record financing correctly, interest deductible, principal not.
  • Determine recapture where equipment was sold or traded in the year.
  • Maintain the capital cost allowance schedule across your turnover cycle.
5

Drivers, Owner-Operators and the Shareholder Loan

Two positions worth knowing before someone else decides.

  • Assess whether owner-operators are contractors or employees on the facts.
  • Record driver payments to match the substance, not the label.
  • Reconcile driver advances outstanding at year end, driver by driver.
  • Quantify what you drew from the corporation through the year.
  • Deal with the loan balance before it becomes an inclusion in your income.
6

Working Papers and T2 Filing

One firm for the close, the return and the year ahead.

  • Hold the settlement reconciliations and calculations behind every figure.
  • Reconcile the HST in your books to the HST on your filed returns.
  • Prepare the T2 from a properly closed year, not a reconstructed one.
  • Track both dates: the return deadline and the earlier balance-due date.
  • Set the pre-year-end review so next year is planned, not discovered.

Free Trucking Year-End Consultation

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Free Trucking Year-End Consultation

Case Studies: Trucking Year-End and T2

Regional Carrier, Toronto (Settlements Rebuilt Gross)

Revenue had been recorded from the net amounts brokers remitted, so advances, quick-pay discounts and factoring fees were invisible and revenue was understated. We rebuilt the year on gross settlements with each deduction costed separately, and the owner saw what factoring had cost across twelve months. The figures here are illustrative of the work we do, not a specific client file. Trucking Accounting →

Revenue gross, factoring cost visible

Owner-Operator, Mississauga (Shareholder Loan)

Drawings and personal costs had run through the business account for years with nothing tracked, and the loan balance was well beyond what the owner expected. We quantified it and structured the clearing before it could be included in income. The figures here are illustrative of the work we do, not a specific client file. Accounting for Trucking Companies →

Loan cleared before inclusion

Fleet Operator, Brampton (Equipment and Recapture)

Two tractors had been expensed in full in the year of purchase, and a trade-in had been recorded with no recapture considered. We moved the equipment into the correct classes, restated the affected years and determined the recapture on the disposal. The figures here are illustrative of the work we do, not a specific client file. Capital Cost Allowance →

Fleet capitalised, recapture handled

Trucking Corporation, Ontario (Close Made Routine)

An owner was rebuilding a year of settlements and fuel records every year end, and loads in transit were never accrued. We moved them to monthly bookkeeping with a proper cut-off and a pre-year-end review, so the close became a confirmation and the T2 flowed from clean records. The figures here are illustrative of the work we do, not a specific client file.

Monthly books, routine year-end

Ordinary Year-End vs a Trucking Year-End

Settlement lag, a depreciating fleet, jurisdictional fuel tax and driver status make a carrier's close a different exercise.

ConsiderationOrdinary Year-EndA Trucking Year-End
RevenueInvoices raised and collectedBroker settlements arriving weeks after the load moved
Revenue vs bankedUsually tie closelyNever tie, because settlements are net of advances and fees
Cut-offUsually straightforwardLoads delivered before year end, settled after, must be accrued
Major assetsOccasional equipmentA fleet on a capital cost allowance schedule, with recapture on turnover
Tax filings alongsideHSTHST plus IFTA across every jurisdiction travelled
WorkforceEmployees, settledOwner-operators whose status is decided on facts, not contracts

What a Trucking Year-End Close Must Cover

Recording transactions is only the start. These items decide your tax position before the return is written.

ItemWhy It Matters for Your CorporationHow We Handle It
Settlements grossUnderstates revenue and hides factoring and quick-pay costsRevenue recorded gross, every deduction costed separately
Loads in transitMoves earned revenue into the wrong yearAccrued at year end, reconciled to later settlements
Fuel and mileageGaps against IFTA filings invite reviewBooks reconciled to filings, records tied to jurisdictions
Fleet and CCAExpensing a tractor misstates the deduction and the balance sheetCapitalised into the correct class, schedule maintained
DisposalsRecapture becomes ordinary income in the yearDetermined on every sale or trade, coordinated with planning
Owner-operator statusReclassification exposure sits with the carrierPosition assessed on the facts, payments recorded to match
Shareholder loanCan be included in your personal incomeQuantified and dealt with before the deadline passes
Working papersDecides whether an assessment is defensibleSettlement reconciliations held behind every figure

The close records what happened. It cannot change it. Compensation mix, the shareholder loan, whether to buy or trade equipment this year or next: every one is a lever that works before your year end and stops working after. Jurisdictional fuel and mileage records are stricter still, because they cannot be reconstructed once the trucks have run. Please see our accountant for truck drivers and trucking companies service.

What Is Included in Our Trucking Year-End Service

Everything from the close to the filed return. No hourly billing. All fees include HST.

IncludedWhat We Do
Settlement reconciliationWe record revenue gross and cost advances, quick-pay and factoring separately.
Loads in transitWe accrue loads delivered before year end and settled afterwards.
Fuel tax reconciliationWe tie fuel and mileage in the books to your IFTA filings.
Fleet and CCAWe capitalise equipment correctly and maintain the schedule.
Disposals and recaptureWe determine recapture on every sale or trade in the year.
Driver payments and advancesWe reconcile advances and record payments to match the substance.
Shareholder loanWe quantify the balance and deal with it before it becomes income.
T2 preparation and filingWe prepare and file the return from a properly closed year.

The Trucking Year-End Mistakes We Prevent

#MistakeWhy It HurtsHow We Prevent It
1Recording net settlements as revenueUnderstates revenue, hides advances and feesGross revenue, every deduction costed
2Treating factoring fees as invisibleYou never see what the facility costs across a yearFactoring fee recorded as its own cost
3Not accruing loads in transitEarned revenue lands in the wrong yearAccrued at year end, reconciled after
4Expensing tractors and trailersMisstates the deduction and the balance sheetCapitalised into the correct class
5Ignoring recapture on a trade-inA surprise inclusion in income on disposalRecapture determined on every disposal
6Assuming a contract settles driver statusReclassification exposure sits with the carrierPosition assessed on the facts, before the CRA
7Books not reconciled to IFTA filingsGaps are a standard review triggerFuel and mileage tied to what was filed
8Never tracking drawingsThe loan balance is unknown and already spentQuantified and tracked, not reconstructed

Why Choose Gondaliya CPA for Your Year-End and T2?

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Built Around a Carrier

Settlements, loads in transit, fuel tax, fleet and driver status handled properly, not as an ordinary business.

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Licensed CPA Firm

The close, the working papers and the T2 all from a licensed CPA firm, from one office.

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Transportation Experience

Owner-operators, regional carriers and fleets. Settlements, factoring, IFTA, CCA and T2 filing.

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AFFORDABLE Flat Fee

Quoted upfront, all fees including HST, no hourly billing. 30-Day Money-Back Guarantee. 60-Day Fees-Matching Policy.

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Transparent Flat-Fee Pricing

No hourly billing. No surprises. You know your exact fee before we start. All fees include HST.

ServiceFeeIncludes
T2 filing for trucking corporationsFrom $400Corporate return prepared and filed from a properly closed year.
Trucking bookkeepingFrom $100/monthMonthly books with settlements reconciled and the loan balance tracked.
Year-end close plus T2Quoted upfrontSettlements, accruals, fuel reconciliation, fleet, loan and the filed return.
Catch-up bookkeepingQuoted upfrontRecords brought current before the close begins.
Free consultationFREEScope review and exact flat-fee quote before any work begins.

All fees include HST, so the number quoted is the number you pay. Fees depend on the size of the fleet, the complexity of the corporation and the state of the records. Payment is by Interac e-Transfer to info@gondaliyacpa.ca with auto-deposit enabled and the security question set to Not Applicable. Please use our pricing calculator to know your exact fee.

How It Works

Four steps. The heavy lifting sits with us.

1

Consult

We learn your year end, how many trucks you run, whether your drivers are owner-operators, whether you factor, and the state of your records, then quote a flat fee.

2

Close

We rebuild settlements gross, accrue the loads in transit, reconcile fuel and mileage to your filings, capitalise the fleet and quantify the loan.

3

File

We prepare and file the T2 from the closed year, with the working papers held behind every figure.

4

Plan Ahead

We set the record-keeping cycle and the pre-year-end review so next year the decisions are made while the levers still work.

Trucking Year-End and T2: Cities We Serve

We handle year-end and T2 filing for carriers across every Ontario city and Canada. No distance limits, no extra fees.

Frequently Asked Questions

What does year-end accounting for a trucking company involve?
It is the work that produces the numbers your T2 reports: reconciling settlement statements to revenue, accruing loads delivered but not yet settled, recording fuel tax across jurisdictions, valuing the fleet and its capital cost allowance, sorting owner-operator payments, quantifying the shareholder loan and assembling the working papers behind each figure.
How is a trucking company's year-end different from an ordinary business?
Your revenue arrives on broker and shipper settlement statements weeks after the load moved, so what you hauled and what you banked are different figures. Your largest assets are trucks that depreciate on a schedule. Your fuel tax spans jurisdictions. And your drivers may or may not be employees, which is decided by facts rather than by contracts.
Why does my revenue not match what I banked?
Because settlements are net. Brokers deduct advances, fuel advances, quick-pay discounts, escrow, chargebacks, insurance and damage claims before remitting. Factored receivables are net of the factoring fee. What you billed and what arrived are separate figures, and the deductions in between are costs that belong in your books.
How should settlement statements be recorded?
Gross revenue for the load, with advances, quick-pay discounts, factoring fees, escrow and deductions recorded as their own lines. Recording only the net remittance understates both revenue and expenses, and it hides what factoring and quick-pay are actually costing you across a year.
What about loads delivered before year end but settled after?
They are this year's revenue, sitting as a receivable, even though the cash arrives next year. Trucking has a structural lag between delivery and settlement, so this is not a rare edge case, it is most year ends. Omitting the accrual understates the year and overstates the next.
How is fuel tax handled at year end?
IFTA reporting runs quarterly across the jurisdictions you travel, and the close reconciles what your books show for fuel and mileage against what was filed. Gaps between the two are a standard review trigger, and the underlying records, trip and fuel receipts, are what support the filings.
What records support my fuel tax filings?
Distance travelled by jurisdiction and fuel purchased by jurisdiction, evidenced by trip records and fuel receipts. The obligation to keep them sits with the carrier, and reconstructing a year of jurisdictional mileage after the fact is close to impossible. This is one to keep as you go, not at year end.
How are trucks and trailers treated?
They are capital, not an expense. A tractor or trailer is capitalised and deducted over years through capital cost allowance in the class that fits the asset, not written off in the year you bought it. See our capital cost allowance guide.
What happens when I sell or trade a truck?
There can be recapture. Where the proceeds exceed the depreciated value in the class, previously claimed capital cost allowance is added back to income in the year of disposal as ordinary income rather than a capital gain. Fleet turnover makes this a live issue for most carriers every few years.
Should I lease or buy my trucks?
It depends on your profit, your cash position, how long you keep equipment and your turnover cycle. Leasing generally gives a deduction as you pay; buying gives capital cost allowance over time and a disposal position later. Neither is always better and it should be modelled on your actual numbers.
Are repairs and maintenance expensed or capitalised?
Routine maintenance that keeps a truck running is an expense in the year. A major rebuild or an upgrade that betters the asset beyond its previous condition is capital. The line matters for a fleet, because engine and transmission work sits right on it and the amounts are large.
Are my owner-operators contractors or employees?
It is a question of fact, not a matter of what the contract says. The CRA weighs control over how and when the work is done, who owns the truck, the chance of profit and risk of loss, and the overall relationship. Many carrier arrangements are weaker than the owner assumes. See our classification guide.
What happens if the CRA reclassifies my drivers as employees?
The exposure lands on the carrier: unremitted source deductions, both employer and employee portions, with penalties and interest, and it typically runs across every affected driver and every affected year. It is one of the largest single risks in a trucking file and it is worth knowing where you stand before it is decided for you.
Do driver advances need year-end treatment?
Yes. Advances outstanding at year end are receivables, not expenses, and they need to be reconciled driver by driver rather than left in a single account. Carriers frequently carry advances that were never recovered and never written off, which misstates both the balance sheet and the year.
How are per diem and meal allowances handled?
Meals for long-haul drivers have their own treatment, which differs from the general 50% limit that applies to ordinary business meals. The rules turn on the trip, the distance and the records kept. It is worth confirming how your allowances are structured rather than assuming the general rule applies.
What is a shareholder loan and why does it come up at year end?
It is what money you took out of the corporation becomes when it is neither salary nor dividend. Owner-operators and small carriers draw what they need and pay personal costs from the business account, and the balance grows quietly. Year end is where it gets confronted.
What happens if my shareholder loan is not cleared?
The amount can be included in your personal income, meaning money already spent becomes taxable. It sits on the balance sheet in plain view. In owner-operator files it is frequently larger than expected, because the drawings were never recorded as drawings.
How do I clear a shareholder loan?
Usually by repaying it, or declaring salary or dividends to offset it, each with different consequences and different deadlines. Which route suits depends on your income and position. That is a planning decision rather than a closing one, and it should be made before your year end. See our accountant for truck drivers and trucking companies.
Do I decide salary versus dividends at year end?
The decision should be made before your year end, because most of the levers close when the year does. The close confirms the position and executes what was decided. An owner raising it while the return is being prepared has fewer options than one who planned ahead.
What are accruals and why do you ask about them?
Costs incurred before year end but not yet paid: fuel, repairs completed but not invoiced, insurance, licensing, accrued driver pay and professional fees. They belong in the year the cost arose. Missing them understates expenses and overstates the profit you pay tax on.
How is HST handled for a trucking company?
It depends on the freight. Domestic freight is generally taxable, while cross-border and international freight movements have their own treatment, and getting the mix right matters for a carrier running both. The close reconciles the HST in your books to what was actually filed.
What about cross-border operations?
Running into the United States raises questions beyond HST, including where income is earned and what filing obligations follow. The answer depends on the nature and extent of the activity, so it should be reviewed for your operation rather than assumed from what another carrier does.
What if I have a factoring arrangement?
The factoring fee is a real cost and belongs in your books as one. The receivable and the advance both need recording, so that what you earned, what you were advanced and what the facility cost are each visible. Netting it all to the deposit hides a cost that runs all year.
Can I pay my spouse through the company?
You can, where the work is real and the pay is reasonable for what they actually do. Dispatch, compliance paperwork and bookkeeping are genuine work in a carrier. The duties, hours and a defensible rate need documenting during the year, not assembled when someone asks.
What do you need from me at year end?
Bank and credit card statements through year end, broker and shipper settlement statements, factoring statements, fuel and trip records with your IFTA filings, equipment purchase, lease and financing documents, repair invoices, driver settlements and advances, payroll records, and an account of what you drew from the company.
How long does a trucking year-end close take?
Where the bookkeeping has been kept monthly and the fuel and trip records are current, weeks. Where they are not, months, because the close then begins with rebuilding settlements and jurisdictional records before the real work starts.
My bookkeeping is a year behind. What does that mean?
That the close becomes a rebuild first, and the fuel and mileage records may not be recoverable at all. Settlements can be re-obtained from brokers; jurisdictional distance often cannot be reconstructed. See our past account clean-up.
What is the T2 filing deadline for my trucking corporation?
Six months after your year end for the return. The balance of tax is generally due earlier, two or three months after year end depending on the corporation. Filing on time and paying on time are separate obligations. If several years are outstanding, see our catch-up corporate tax filing.
What does a trucking year-end close and T2 cost?
T2 filing starts from $400 and trucking bookkeeping from $100 per month, quoted as an exact flat fee upfront with no hourly billing. All fees include HST. Payment is by Interac e-Transfer to info@gondaliyacpa.ca, auto-deposit enabled, security question Not Applicable. Please use our pricing calculator.
How do I get started?
Please book a free consultation and tell us your year end, how many trucks you run, whether your drivers are employees or owner-operators, whether you factor, and the state of your records. We confirm what your close involves and quote a flat fee. Book Free Consultation →

Meet Your Trucking Year-End Team

Sharad Gondaliya CPA

Sharad Gondaliya, CPA

Founder & Managing Director
Gondaliya CPA Professional Corporation

Sharad leads the year-end close, owner-operator classification and T2 filing for trucking corporations.

Vandana Goel CPA

Vandana Goel, CPA

Senior Accountant
Gondaliya CPA Professional Corporation

Vandana handles the settlement reconciliation, accruals, fuel tax, fleet schedules and working papers.

What Our Clients Say

1300+ five-star reviews from carriers and business owners across Ontario and Canada.

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  • Monthly settlement reconciliation
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  • From $100/month, including HST

Catch-Up Corporate Tax Filing

  • Unfiled years brought current
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  • Records rebuilt in order

Incorporation for Truckers

  • Corporation setup
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A Close That Confirms, Not One That Excavates.

Gondaliya CPA rebuilds your settlements gross so you see what factoring and quick-pay cost, accrues the loads delivered but not yet settled, reconciles fuel and mileage to your IFTA filings, capitalises the fleet and handles recapture on disposal, assesses owner-operator status before the CRA does, quantifies the shareholder loan, and files the T2 from a properly closed year. T2 from $400. All fees include HST.

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