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u/shpeucher

▲ 3 r/cantax

Quick Method HST - Does ITC on Capital Property Get Added To Gross Income?

I'm an HST Quick Method (QM) registrant and I understand that I can only claim ITC's on capital property.

I also understand that under QM, the portion of HST that you keep gets added to your income (otherwise called Government Assistance).

Question - does the ITC on capital property get added as Government Assistance and therefore added to income? I ask because in a CRA review letter I received, the appeals officer wrote that my gross income needs to go up equivalent to the ITC.

Example with fake numbers:

$100k net sales + HST = 113k Gross

9,644 HST Collected [113k x 8.8% less $300 (1% credit on first 30k)]

1,300 HST ITC (13% of 10k of equipment purchased)

8,344 HST Remitted

3,356 Government Assistance (13k less 9,644)

So is the accounting income in this scenario 103,356 or 104,656?

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u/shpeucher — 1 day ago
▲ 3 r/FidoMobile

Partial month incorrect charges

I’ve had one line with Fido for years and March 31 I switched that line and brought 3 new lines in for the $25 plan.

Since my bill cycle ends the 16th, my last bill had partial charges for March 31-April 16.

As you can see, the partial charges did not get the discounted so I was charged the gross $54 rate for those 17 days (54 x 17/30)

I ended up getting about $40+tax back but it was a painful 1.5h call yesterday. The first rep would not admit it was wrong and I had to escalate to a manager who credited me back as goodwill

u/shpeucher — 6 days ago