ON Chiropractic Spring 2015 | Page 27

ON Chiropractic need to charge, collect and remit GST/ HST on all taxable (except zero-rated) goods and services you sell or provide in Canada since the date of registration. Ensure that you hold the GST/HST in trust until you send it to the CRA for filing your 1-800-959-5525, send the CRA a letter or a completed “Form RC145, Request to Close Business Number (BN) Program Accountants or the CRA for confirmation when interpreting the rules on charging GST/HST for their specific services. Accounts.” GST/HST return. Typically your total annual sales determine how many times in a year you have to file your GST/HST return. Businesses which have annual taxable supplies of $1,500,000 or less are assigned an annual reporting period but may also choose to file monthly or quarterly. SRJ Chartered Accountants ∞∞ Telephone: 647-725-2537 ∞∞ Email: [email protected] ∞∞ Website: http://www.srjca.com ∞∞ OCA Advantages partner profile: http://www.chiropractic.on.ca/srjca What is an Input Tax Credit? An input tax credit (ITC) is the amount of GST/HST you may recover from the GST/HST you paid or owed on purchases and expenses related to your commercial activities, so long as you are a GST/HST registrant. The ITCs can be claimed in the same reporting period as when the purchases were made when you file your GST/HST return. If you have any ITCs that were not claimed when you filed the return for the corresponding period, you can claim those ITCs on a future GST/HST return as long as it is filed by the due date of the return for the