ITC

Also written as input tax credit, input tax credits.

Definition

Input Tax Credit. The GST or HST paid on business inputs that a registrant claims back on its GST return, so the business only remits tax on net value added.

Long reference

Handbook

Input Tax Credits (ITCs)

Citations, procedures, and worked examples for itc.

Related terms

GST

Goods and Services Tax. The 5% federal value-added tax on most supplies of goods and services in Canada.

HST

Harmonized Sales Tax. A single combined federal and provincial rate in ON (13%), NB, NL, NS, and PE (15%). Administered by CRA.

All terms More in GST, HST, PST