Entrepreneurship & Small Business

1% drop in GST: how do I recoup as a reseller?

  • Last Updated:
  • May 14th, 2006 6:51 pm
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[OP]
Deal Addict
User avatar
Apr 4, 2003
4718 posts
100 upvotes
Oakville

1% drop in GST: how do I recoup as a reseller?

Any have the procedure on this?

I bought goods for resale and will continue to be importing up until July 1st, paying 7% GST on the items.

After July 1st, I only charge my customers 6% GST.

How do I get that 1% back? Do I eat this change in taxes? This is lots of money to me!
3 replies
Jr. Member
Mar 31, 2006
117 posts
14 upvotes
Vancouver
If you register yourself to CRA, you receive input tax credits for GST you paid for your business activities.
Banned
May 6, 2006
30 posts
You should be claiming ITCs on inventory, expensews, supplies, etc.

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