Phasing out of recaptured input tax credits in Ontario

Starting July 1, 2015, Ontario will begin to phase out the temporary input tax credit (ITC) recapture for certain goods and services acquired or imported by large businesses.

Certain large businesses in Ontario have been required to recapture the eight per cent provincial component of input tax credits (ITC) for specified property or services that they acquire, import or bring into the province. On July 1, 2015 this recapture will begin to be phased out. For more details, download the Canada Revenue Agency GST/HST Info Sheet from the CRA website.

Highlights

Chartered Professional Accountants of Canada (CPA Canada) annually offers its views on priorities for the federal budget. Review past submissions of pre-budget briefs and consultations, and post-budget release opinions and commentary.

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