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When calculating inventory, do you include the cost before or after taxes?
When entering the amount for inventory in income tax forms, is it the amount before or after taxes?
posted
October 31, 2019
3:54 AM
last updated
October 31, 2019
3:54 AM
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When calculating inventory, do you include the cost before or after taxes?
If you are registered for a GST/HST account, then you don’t include the GST/HST, as you would get credits for that when you submit your GST/HST return. If you are not registered for GST/HST, then you would include the GST/HST in you inventory costs.
October 31, 2019
3:54 AM
1 Reply
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When calculating inventory, do you include the cost before or after taxes?
If you are registered for a GST/HST account, then you don’t include the GST/HST, as you would get credits for that when you submit your GST/HST return. If you are not registered for GST/HST, then you would include the GST/HST in you inventory costs.
October 31, 2019
3:54 AM