The Canada Truck Operators Association welcomes the federal government’s new Productivity Mega Deduction and the decision to make immediate expensing permanent for a much broader range of business investments.
For the trucking industry, the measure has the potential to support investment in vehicles, safety technology, digital systems, fuel efficiency and fleet modernization.
CTOA believes the next step is ensuring that small and mid-sized carriers and owner-operators can benefit from these incentives in practice.
Many smaller trucking businesses are currently operating in a challenging environment of weak freight volumes, elevated fuel and financing costs, and limited access to capital. A tax incentive can encourage investment, but businesses must first be able to finance that investment.
CTOA encourages Finance Canada, the Canada Revenue Agency and financial institutions to provide clear guidance for trucking businesses and to consider complementary financing and productivity tools that help viable small carriers invest in equipment and technology.
CTOA supports strong tax compliance and fair enforcement across the industry. At the same time, Canada’s productivity strategy should ensure that compliant small businesses have a realistic opportunity to modernize and compete.
CTOA – A National Voice for Canada’s Trucking Industry