Recovering ITCs on Capital Assets
I started a business in 2010 and purchased equipment which included GST. However I did not open my GST account until 2011.
Can I still claim the GST on the equipment that I purchased in 2010?
Hey,Click on this link
to find the information you are looking for.
Generally you can only claim input tax credits from the date you register. You could speak with CRA and see if they will back date your application. However this would mean you would need to impute GST collected on sales for the same period.
The link above does provide you with one possible option (see the box titled Capital Assets and ITCs
), so be sure to click through and read it.
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