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New Member
posted Oct 31, 2019 3:54:14 AM

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?

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1 Best answer
Moderator
Oct 31, 2019 3:54:16 AM

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.


1 Replies
Moderator
Oct 31, 2019 3:54:16 AM

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.