I have dillema regarding ITC on personal equity brought into sole proprietorship. How do I record tax credit along with transfer of the equity into the business? Equity was purchased over the period of past 3 years
I am not sure I understand your dillema. Are these assets and supplies that you have personally purchased over the past few years and now you want to claim them in the business? Were you registered for GST/HST at the time you purchased these items? Are you now registered?
Yes, these are asstets that I purchased over the past few years and now want to claim them in the business. I am registered for HST since Jan 2012, but when I called CRA they told me i can claim back 4 years unless i dont have an original receipt. Not sure if I was missunderstood...
I know that in order to transfer personal assets i will need book them as dr. expense or fixed assets(depending on the FMV) and cr. to Owner's equity. But can I claim HST on them? if yes how to book the whole transfer of personal assets in QB?
