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

[gmark2000]

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!

[jcipher]

If you register yourself to CRA, you receive input tax credits (http://www.cra-arc.gc.ca/tax/business/topics/gst/soleprop/itc/menu-e.html) for GST you paid for your business activities.

[Hellfire]

Why do you care? You only pay the net of GST you pay and GST you collect.

[want-a-C7]

You should be claiming ITCs on inventory, expensews, supplies, etc.