Small business owners in Canada may be eligible to claim an input tax credit if they’re GST/HST registrants who paid for goods and services for business use in their provinces. Some of these purchases include fuel costs, professional fees, and travel expenses.
If you’re a new GST/HST registrant, you cannot claim an input tax credit for purchases you made before you became a registrant. However, you may still be able to claim an input tax credit for certain expenses such as inventory expenses.
For small businesses with sales of less than $6 million, owners can claim their input tax credits within four years of their eligible expenses as long as they keep all the relevant documents, including invoices, receipts, and contracts.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.