Recaptured Input Tax Credits
The HST was supposed to be simple. In some ways it is. In many other ways, it isn’t.
Our experience has shown that some businesses subject to the RITC requirements in BC and Ontario have made significant errors in over remittance.
Production proxies may be understated and specified property and services are subject to exemptions.
We recently recovered $50,000 for a manufacturer with a great finance team. They had been making RITC adjustments in one particular area that was exempted.
With the HST now three years old in BC, we’re fast approaching the four year mark where any potential recoveries begin dropping off the table.
Curious in learning about what you might be losing to the government? We can ascertain what potential may exist in your organization, either through an in-person meeting or phone call.