TheDMAWay

Tax Bulletin- Commodity Tax Update

by DMA Staff | Jun 29, 2017
Tax Bulletin
The Ontario Recaptured Input Tax Credit (RITC) rate that applies to large businesses will continue to be phased out to 25% from 50% effective July 1, 2017. Businesses impacted by the phase out will need to adjust their systems to accommodate this change. 
 
The ITC recapture rates are as follows:
 
Period ITC recapture rates
July 1, 2010 to June 30, 2015 100%
July 1, 2015 to June 30, 2016 75%
July 1, 2016 to June 30, 2017 50%
July 1, 2017 to June 30, 2018 25%
On or after July 1, 2018 0%
 
Need more information? DMA Canada’s Commodity Tax team is ready to help! Contact Darryl Rankin for more information:

Darryl Rankin, CPA, CGA
Director, Commodity Tax
drankin@dmainc.com
800-309-2110 Ext. 1530