This is an academic question on Input Tax Credit/

Amit2 · ‎October 29, 2019

This is an academic question for my understanding.

If I have claimed Input Tax Credits in 1st year and got a refund for it the next year, do I need to exclude the tax credit while filing taxes or do I leave it like this and claim it as income the next year or do I have to do both.

Delphision · ‎October 29, 2019

Input tax credits are not income. It is a rebate of your own money, which you had already paid out.

View solution in original post

Amit2 · ‎October 29, 2019

Thanks for the clarification. So, do we deduct the ITC from the expenses while filing for T2 or do we deduct it ?

Delphision · ‎October 29, 2019

If you are claiming your ITC's on your GST/HST remittance reports, leave the GST off the revenue and expenses.

This is an academic question on Input Tax Credit/

Troubleshooting

Troubleshooting

Troubleshooting