Input tax credits generally (Canada)
As a registrant, a person can recover the GST/HST paid or payable on purchases and expenses related to commercial activities by claiming an input tax credit (ITC) when filing a GST/HST return.
A person may be eligible to claim ITCs only to the extent that the purchases and expenses are for consumption, use or supply in the commercial activities. The expenses or purchases must be reasonable in quality, nature and cost in relation to the nature of the business.
Note: ITCs cannot be claimed for operating expenses by businesses using the quick method of accounting
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Web page updated on 24 Aug 2024 15:15