Tax on capital assets

[stevejdale]

I'm a newly registered HST collector this year. I'll be using the quick method of accounting.

I understand I can still deduct HST on capital assets purchased from the HST I need to pay. My question is when inputting these same capital assets into the CCA section of TurboTax do I subtract the HST from my purchase or leave it in? I understand when using the regular method you should not include the HST when inputting to the CCA section, but I just want to be sure that also applies when using the quick method. Thanks!

[TurboTax_Susan · Accepted solution]

If you are claiming an ITC on the capital asset then you don't include the sales tax when you enter it in the CCA section.