May 13th, 2006, 11:06 PM
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#1 (permalink) | ||
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Deal Addict
 Join Date: Apr 5th, 2003
Location: Oakville, ON
Posts: 3,787
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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!
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May 14th, 2006, 02:56 AM
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#2 (permalink) | ||
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Newbie
Join Date: Apr 1st, 2006
Location: Vancouver, BC
Posts: 46
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If you register yourself to CRA, you receive input tax credits for GST you paid for your business activities.
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May 14th, 2006, 04:20 AM
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#3 (permalink) | ||
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Deal Fanatic
Join Date: Sep 8th, 2003
Location: Edmonton, Alberta
Posts: 7,124
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Why do you care? You only pay the net of GST you pay and GST you collect.
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