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Recover GST By Registering
Businesses can recover the GST paid on purchases for goods and services used in the business, but only if they register. Registering is mandatory in most cases except where sales are less than $30,000 per year. By registering, you have to charge GST to your customers and remit the amount to CRA, but this is offset by the GST paid on your purchases.
If your business earns less than $30,000 per year, consider voluntary registration to recover the GST paid especially if setting up a new business and there are significant assets purchases. Even in cases where the business has losses in the early periods, a net recovery of GST could result.
Careful planning with a Chartered Accountant is warranted. Contact Keith Anderson CA at (780) 447-5830 if you need advice.
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