Just made a purchase for your business? Make a note on the receipt which expense account it relates to. It makes life so much easier when the time comes to entering the transaction into your books, no more scratching your head trying to remember what the purchase was for!
A question I’ve been asked a few times recently is “how far back can I claim Input Tax Credits (ITC)”.
Your GST/HST return needs to be filed for the last reporting period that ends within FOUR years after the end of the period in which the ITC could have first been claimed.