ITC – All About Tax

Zero-rated supplies

Posted on January 27, 2013May 16, 2021 by Simon Zhong

Zero-rated supplies are supplies of goods and services that are taxable at the rate of 0%. This means there is no GST/HST charged on the supply of these goods and services, but GST/HST registrants can claim ITCs for the GST/HST paid or payable on purchases and expenses made to provide them.

Input tax credits

Posted on January 14, 2013May 16, 2021 by Simon Zhong

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.