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R
RN93
Level 2
April 2, 2022
Question

T2125 - Business Expenses - GST/HST

  • April 2, 2022
  • 1 reply
  • 3 views

If the client files an annual GST/HST return in June but the business fiscal year ends in December. Am I including the GST.HST in the business expenses on the tax return since they have not yet remitted or claimed any input tax credit? 

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1 reply

J
janisbossenberry
Level 7
April 3, 2022

No - expenses are always reported net of GST. Since you have to record business income and expense on an accrual basis, you will have an Account Receivable for the GST input tax credits you have not yet claimed.

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