Track—and maximize deductions—for every kilometre
For effective fleet management, and taxable benefit calculation, you need to collect and maintain detailed monthly mileage reports. This task is a detailed and time-consuming headache for your administrative staff.
To save you time and administrative costs, while maximizing your employees’ tax savings, Foss National offers a suite of innovative solutions.
Using Telematics to Increase Fleet Profitability
How can you increase productivity and profitability in fleet vehicle use? With telematics! This paper shows how advanced communication technologies can be a wise investment.
KM Tracker: track and report every kilometre driven
Your drivers record their monthly usage of the company car using our secure web portal. If their report is not received on time, they automatically receive an email reminder.
When all drivers have entered their usage, your company is notified that the consolidated report is ready for review. You can then use the FossFleet online reporting tool to view, explore and analyze their vehicle use.
Taxable Benefit Calculation and Reporting
According to the Canada Revenue Agency, a company vehicle is a taxable benefit. For many companies, dealing with the tax-related calculations and paperwork is administrative burden.
To help your employees, and your administrative staff, our Taxable Benefit tool calculates the data for your employees’ Taxable Benefit Declarations, in full compliance with Canada Revenue Agency and Revenue Québec guidelines. The tool also provides the employer with current odometer readings for the company vehicles. Employees using this feature must have previously recorded their vehicle usage in the KM Tracker.
Preparing for tax season
For each of your drivers, Foss National’s online system tracks the vehicles assigned to them for the taxation year, and calculates the relevant tax benefits. About three months before the T4 tax form deadline, we will initiate a planning meeting and work with you to ensure that that everything is ready for the processing dates. Your drivers will be notified and instructed in how to complete their online Taxable Benefit Declaration.
Important details such as “personal use” are recorded and deducted to arrive at a net Taxable Benefit. Our software also calculates the embedded sales taxes for accurate filing. A final consolidated file, including the complete details for each employee with a company vehicle, is submitted to your payroll department to simplify the final T4 tax forms.