ITCs – Simplified Reporting

ITCs – Simplified Reporting - Corporate Tax Filing

Many businesses who use regular GST/HST reporting can opt to use the simplified method as long as they meet the following criteria:

  1. Annual revenue from taxable property and service is no more than $1 million
  2. Your total taxable supplies are no more than $1 million for the year
  3. Your taxable purchases are $4 million or less

To use the simplified method, there are 3 steps involved:

  1. Add up your eligible ITC business expenses, which include GST/HST, Non-refundable PST, Taxes and duties, Tips, Interest and penalties, Reimbursements.
  2. Multiply the amounts calculated in Step 1 by the relevant tax rate
  3. Calculate and add any additional amounts that were not included in Step 1.

These amounts will be entered on Line 108 if you are filing electronically or Line 106 if you are paper filing.

Like all reporting methods, please make sure you keep all documentation pertaining to the amounts your claiming should your business become subject to an audit.

This is general comment, and you should contact Tax Partners for any questions by sending an email to [email protected] or (905) 836-8755.

 

#coinbase #forextrading #finance #bitcoinprice #xrp #forexsignals #ripple #altcoin #success #hodl #binary #motivation #cryptoworld #stockmarket #dogecoin #forexlifestyle #mining #blockchaintechnology #wealth #cryptoinvestor #nft #financialfreedom #altcoins #bitcoinexchange #cryptomining #trade #wallstreet #usa #daytrader #millionaire #cryptotax #bitcointax #crataxcrypto #cracrypto #crabitcoin #capitalgainstaxcrypto #vdpcrypto #cryptoaccountant #cryptolawyer #canadacrypto #canadacryptocourse #cpacrypto #cpabitcoin #vdpetherium #vdpETH #cpacryptotax #cryptoaudit #craauditcrypto #crypto #bitcoin #cryptocurrency #blockchain #btc #ethereum #forex #money #trading #bitcoinmining #cryptotrading #investing #cryptocurrencies #investment #cryptonews #bitcoinnews #bitcoins #entrepreneur #invest #business #eth #forextrader #bitcointrading #trader #investor #bitcoincash #litecoin #binance #binaryoptions #bhfyp #sol #FTM #AVAX #canadacrypto #Barrie #Belleville #Brampton #Brant #Brantford #Brockville #Burlington #Cambridge #Clarence-Rockland #Cornwall #Dryden #Elliot Lake #Greater Sudbury #Guelph #Haldimand County #Hamilton #Kawartha Lakes #Kenora #Kingston #Kitchener #London #Markham #Mississauga #Niagara Falls #Norfolk County #North Bay #Orillia #Oshawa #Ottawa #Owen Sound #Pembroke #Peterborough #Pickering #Port Colborne #Prince Edward County #Quinte West #Richmond Hill #Sarnia #Sault Ste. Marie #St. Catharines #St. Thomas #Stratford #Temiskaming Shores #Thorold #Thunder Bay #Timmins #Toronto #Vaughan #Waterloo #Welland #Windsor #Woodstock #Ajax #Amherstburg #Arnprior #Atikokan #Aurora #Aylmer #Bancroft #Blind River #Bracebridge #Bradford West Gwillimbury #Bruce Mines #Caledon #Carleton Place #Cobalt #Cobourg #Cochrane #Collingwood #Deep River #Deseronto #East Gwillimbury #Englehart #Erin #Espanola #Essex #Fort Erie #Fort Frances  #Gananoque #Georgina #Goderich #Gore Bay #Grand Valley #Gravenhurst #Greater Napanee #Grimsby #Halton Hills #Hanover #Hawkesbury #Hearst #Huntsville #Ingersoll #Innisfil #Iroquois Falls #Kapuskasing #Kearney #Kingsville #Kirkland Lake #Lakeshore #LaSalle #Latchford #Laurentian Hills #Lincoln #Marathon #Mattawa #Midland #Milton #Minto #Mississippi Mills #Mono #Moosonee #New Tecumseth #Newmarket #Niagara-on-the-Lake #Northeastern Manitoulin and the Islands #Oakville #Orangeville #Parry Sound #Pelham #Penetanguishene #Perth #Petawawa #Petrolia #Plympton-Wyoming #Prescott #Rainy River #Renfrew #Saugeen Shores #Shelburne #Smiths Falls #Smooth Rock Falls #South Bruce Peninsula #Spanish #St. Marys #Tecumseh #Blue Mountains #Thessalon #Tillsonburg #Wasaga Beach #Whitby #Whitchurch-Stouffville #Burk’s Falls #Casselman #Hilton Beach #Merrickville-Wolford #Newbury #Oil  springs #Point Edward #South River #Sundridge #Thornloe #Westport #corporatetaxes