Input tax credits

Input Tax Credit (ITC) means a credit GST/HST registrants can claim to recover the GST/HST paid or payable for property or services they acquired, imported into Canada, or brought into a participating province for use, consumption, or supply in the course of their commercial activities.

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Participating province

Participating province refers to the province of Nova Scotia, New Brunswick, or Newfoundland and Labrador, Ontario, or Prince Edward Island that apply the harmonized sales tax (HST)

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Partnership

A partnership is an association or relationship between two or more individuals, corporations, trusts, or partnerships that join together on a trade or business.

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Fair Market Value (FMV)

Fair Market Value (FMV) generally means the highest dollar value that you can get for your property in an open and unrestricted market between an informed and willing buyer and an informed and willing seller who are dealing at arm's length with each other.

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Income Statement

Income Statement is a financial statement that summarizes the results of business activities (income and expenses) for a given period of time. Sometimes called a profit and loss statement.

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Additional information