Phase-Out of Recaptured ITCs — Important Update | KPMG | CA

Phase-Out of Recaptured ITCs — Important Update

Phase-Out of Recaptured ITCs — Important Update

Large businesses must prepare their system for the last phase of the phase-out period for recaptured input tax credits (RITCs) under the Ontario HST.

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On July 1, 2017, the recapture rate used in these calculations will be reduced to 25% (from 50%). Affected business may need to adjust various accounts and calculations related to the specified property and services subject to the RITC rules, including common area maintenance charges and employee expense accounts.

Download this edition of the TaxNewsFlash to learn more.

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