NOTE: This is the first of a three-part webinar series addressing key areas in municipal tax applications. Please note that registration is for the full series — individuals cannot register for webinars separately. Due to Canada Revenue Agency (CRA) protocol, this webinar series will NOT be recorded.
Fair and Reasonable Input Tax Credit Allocation Methods
Do you know how to correctly claim all input tax credits (ITCs)? Are you aware that certain credits can only be partially claimed? Do you know how to correctly determine what percentage of credits may be eligible?
This session will review one of the more complex and potentially important GST/HST issues municipal representatives face when preparing GST/HST returns. We will discuss topics including important definitions, what's considered fair and reasonable, and review reference materials and other information to help ensure that your municipality is accurately claiming all eligible ITCs, and not over-claiming. We will also examine how to maximize your municipality's GST/HST recoveries and how to avoid mistakes that can result in future ITC denials and other non-compliance instances.
Learning Objectives:
- Recognize key ITC allocation issues
- Understand and apply the correct rules and allocation methods
- Identify and reduce potential GST/HST denials and non-compliance
- Know how to correctly claim ITCs when expenditures and acquisitions may be used for making both taxable and exempt supplies or when full ITCs may not be eligible
- Understand how to determine what (if any) percentage your municipality may be able to claim and understand the rules around what is expected to support such claims