As a long-haul truck driver, you can consider creating a company policy for a daily meal allowance available to employees (T4), this allowance is a non-taxable benefit paid to you personally, but at the same time is fully tax-deductible for the corporation. You need to make sure you have proper documentation and procedures in place such as a logbook, travel expense forms, etc. This strategy is often overlooked but can save you thousands of $s in both corporate and personal taxes. You need to ensure you are using an accountant who deals with incorporated truck driver/owner-operators.

As an incorporated truck driver/owner-operator, by taking a salary you will be eligible for the Meals Allowance discussed above, and since you will be receiving a non-taxable meal allowance, your salary requirements will be reduced saving you in payroll taxes. If you still require additional funds, you can always opt for additional dividends during the tax year from your corporation.

By purchasing the truck under the corporation, you can fully deduct the purchase costs as depreciation which will reduce your corporate taxes. Since the trucking equipment will be under the corporate name, you will be eligible to pay all operating costs (i.e. insurance, repairs, fuel etc) directly from the corporation funds.

Most incorporated truck drivers/owner-operators use a portion of their personal homes to maintain records and conduct office duties for the business. You can deduct a portion of the household expenses and get reimbursed from the corporation tax-free.