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| *The Commerce Journal>>>Canada Taxes |
Can I claim ITC on GST already claimed as expense on my income tax return? |
I already claimed as expense GST and PST on business expenses on my tax return. I now realised that I can claim ITC on GST I paid. Can I still do it? I understand that in the future I should claim as expense (on income tax return) an amount I paid plus PST and leave out GST. Then GST should be claimed as ITC? Am I correct? If you are a business you have a GST number and collect GST on your sales. The GST you pay on your business expenses are netted off against the GST you collect and remit to the government. Claim the GST paid as an ITC (assuming you're filing the detailed version of the GST report each period). |
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