Small business owners in Canada may be eligible to claim an input tax credit if they’re GST/HST registrants who paid for goods and services for business use in their provinces. Some of these purchases include fuel costs, professional fees, and travel expenses.
If you’re a new GST/HST registrant, you cannot claim an input tax credit for purchases you made before you became a registrant. However, you may still be able to claim an input tax credit for certain expenses such as inventory expenses.
For small businesses with sales of less than $6 million, owners can claim their input tax credits within four years of their eligible expenses as long as they keep all the relevant documents, including invoices, receipts, and contracts.