Claiming Input Tax Credits (ITCs) // KD Professional Accounting Calgary Business Tips

Claiming Input Tax Credits (ITCs):

If you are registered for GST/HST, you may recover GST/HST paid or payable on your purchases and expenses related to your commercial activities by claiming an input tax credit (ITC) when you file your tax return.

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[jessebensen]

Great info, hard to find these days! Quick question, I use 20% of my home for an office, am I able to include 20% of my utilities, and even mortgage gst hst for my gst hst return? Thanks!

[stephanluclarose]

You said "supplies." Does that mean you cannot claim ITC on items you purchased from a supplier to sell to the end consumer?

[sirbuddyli]

Great video! Btw, do you know whether the GST Input Tax Credits that were created need to be added to corporate income for T2 purposes? Because it is like a government subsidizing current expenditure, so becomes income because of that? please confirm.