Excise Company Bulletin For Free

An ITC cannot be claimed on taxable supplies related to making exempt supplies. Once the amount of the ITC is determined, it is subtracted from the GST / HST collected or collectible during a reporting period. The result of this calculation is the net tax (payable or refund) for the reporting period of the registrant.

Exempt supplies a sale of housing that was last used by an individual as a place of residence. long-term rentals of residential accommodation (of one month or more) and residential condominium fees. most health, medical, and dental services performed by licensed physicians or dentists for medical reasons.

Filing the election To make the election under subsection 167(1), the supplier and the recipient must jointly complete Form GST44, Election Concerning the Acquisition of a Business or Part of a Business. This form is available on the CRA Web site.

Filing the election To make the election under subsection 167(1), the supplier and the recipient must jointly complete Form GST44, Election Concerning the Acquisition of a Business or Part of a Business. This form is available on the CRA Web site.

To be entitled to ITCs or ITRs, you must have been a registrant during one of the following reporting periods: the period in which the tax on the goods or services concerned is paid; or. the period in which the tax becomes payable.

The fiscal year that includes the September 2020 return ends on December 31, 2020. You can claim the ITC on any later return for a reporting period that ends by December 31, 2022 and is filed by January 31, 2023.

Zero-rated supplies are supplies of property and services that are taxable at the rate of 0%. This means there is no GST/HST charged on these supplies, but GST/HST registrants may be eligible to claim ITCs for the GST/HST paid or payable on property and services acquired to provide these supplies.