A lessor who is a registrant is eligible to claim an ITC
for GST/HST paid on vehicle repairs for a leased vehicle covered by an insurance policy, if the lessor is the recipient of the repairs and the other conditions in section 169 respecting ITCs
"It's important that we have more than 900,000 people to sell to, more than nine million, more than a country," said federal Secretary of State for Rural Development and FedNor Andy Mitchell in announcing the formation of an International Trade Centre (ITC
) for the North.
With taxpayers now being motivated to reclassify costs as relating to personal property to avoid the 39-year real property recovery period, the ITC
case law was being used by taxpayers to make this reclassification.
Under section 236 of the ETA, where a registrant is the recipient of, or pays an allowance in respect of, a supply of food, beverages, or entertainment and subsection 67.1 of the Income Tax Act applies, 50 percent of the amount that is the input tax credit (ITC
) claimed in a return must be recaptured.
Corporation B filed returns for calendar-year 1983 and 1984, properly claiming an investment tax credit (ITC
Yes, Company B may claim ITCs
. It has always been Revenue Canada's position that Company B could claim ITCs
in such a situation.
, it would appear to apply to any credit whose limitation is based on tax.
At the same time, the recipient of the supply is required to remit the GST and claim an input tax credit (ITC
) for the same amount.
(c) The party responsible for reporting the GST and claiming the ITCs
on transactions occurring in the interim period would be determined by the facts of the particular case.
The restriction against section 156 elections presumably was added as an anti-abuse provision to prevent financial institutions from obtaining GST-free goods or services (since they may not claim ITCs
) through the subterfuge of purchasing them through a non-financial member of the group with a subsequent transfer of the goods to the financial institution.
What procedure should be followed in the following circumstances to claim the ITCs
? A company ceases its commercial activity and cancels its registration.
Tax Executives Institute has been advised by officials of the Department of Finance that the Department is reviewing the eligibility of employers engaged in commercial activities to claim input tax credits (ITCs
) with respect to Goods and Services Tax (GST) paid to suppliers of service to employer-sponsored pension plans.