Don’t count on the CRA allowing discretion and being lenient by allowing retroactive claimsIf you don’t register on time the CRA may not agree to allow input tax credits to be claimed before the date of registration. This could be a sizable loss. For example if $200,000 was spent on leasehold improvements and equipment for a new restaurant in Ontario $26,000 could be potentially lost. Don’t count on the CRA allowing discretion and being lenient by allowing retroactive claims. Register immediately. If you have concerns that you may be missing out, call me to arrange a complimentary consultation to discuss what can be done.
Steven Agulnik, B.Comm., CPA, CGA Certified Quickbooks Pro Advisor 202 O’Connor Street Ottawa, Ontario K2P1T6 613-233-0028 stevenagulnikcga@gmail.com
Tags: HST
