Archive for input-tax-credits-itc
Tax Implications for Businesses When Phasing out the Penny
Retail cash transactions will be affected when phasing out the penny and we would like to offer some advice—provided by the Canada Revenue Agency (CRA)—to help you through this process.
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Verification of Suppliers’ GST/HST numbers for ITC claims is imperative
Section 169(4) of the Excise Tax Act requires a purchaser to substantiate its input tax credit (ITC) claim by obtaining information from the supplier, including the name of the supplier
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The impact of HST on Insurance Premiums in Ontario
Pre-Harmonized Sales Tax (HST) rules Before the implementation of the HST, Ontario Retail Sales Tax (RST) applied at a rate of 8 percent to premiums for certain types of insurance,
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ITC Restrictions and Production Proxy
With the introduction of HST effective July 1, 2010, businesses making taxable supplies, including zero-rated supplies, worth more than $10 million annually on an aggregate associated basis (“large business”), including
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HST – Small Business Transition Support
With the introduction of HST effective July 1, 2010, the Ontario government is providing a one-time transition support to assist small businesses make the necessary changes to their systems to
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