When a taxpayer is self-employed or has a corporation, they incur the additional expense of GST/HST, which is payable to suppliers, subcontractors, and other various expenses. To ensure that the consumer is charged the GST/HST, the Excise Tax Act, which levies GST/HST, says that GST/HST expenses can be credited or refunded. This is called Input Tax Credits (ITCs) and are in place to make sure that only the consumer is paying.
This is general comment, and you should contact Tax Partners for any questions by sending an email to [email protected] or (905) 836-8755.
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