2016-12-30 00:00:00Finance and AccountingEnglishReview the definition of a GST refund, and look at different types of GST refunds, rebates, and tax credits.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Accountant-and-client-sitting-in-office-with-computer-desk-and-landscape-view.jpghttps://quickbooks.intuit.com/ca/resources/finance-accounting/what-is-the-gst-refund/What is the GST Refund?

What is the GST Refund?

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The general sales tax refund may refer to several GST credits or rebates. The GST credit is a quarterly payment for Canadians under a certain income threshold. If you are a sole proprietor, partner, or self-employed individual, you report your business earnings as income on your T1 general income tax return, and based on that information, the Canada Revenue Agency determines if you qualify for the GST credit.

As a small business owner, you may also be able to claim an input credit for GST/HST paid on business expenses. To claim this credit, you must charge GST/HST on your goods or services and have a GST/HST account with the CRA.

A GST rebate refers to a refund of GST paid in error or GST incurred in select other situations. For example, Legion groups may claim a refund of GST paid on poppies or wreaths.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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