Okay, the reason I was wondering about the inventory purchased before registering for HST is because I was reading through some information on the CRA website and came across a section stating "If you are a new registrant, you may be able to claim an ITC for the GST/HST paid or payable on property such as capital property and inventory that you have on hand on the day you register."
So if I have an inventory of $10,000 (what I paid including HST) at the time of registration and want to claim an ITC based on that value, it seems like I would need to calculate the amount of tax using the $10,000 as the amount paid after taxes, meaning that the credit to the ITC account would end up being $1,150.44. If I was to use $10,000 as the price before taxes then I would end up with $1,300 as the amount, but that doesn't seem right to me since I would be calculating tax on top of a number that already includes taxes.
Also, would I need to be using the regular method to be able to claim an ITC on inventory purchases in the future (after being registered for HST)?
