This is an academic question on Input Tax Credit/

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.

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1 Best answer

New Member

Oct 29, 2019 11:39:13 PM

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

New Member

Oct 29, 2019 11:39:13 PM

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

New Member

Oct 29, 2019 11:39:15 PM

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

New Member

Oct 29, 2019 11:39:16 PM

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

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This is an academic question on Input Tax Credit/