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CMCDA123
Level 2

HST ITC on Fuel costs

Similar to HST ITC on meals at 50%, it fuel at 6.5% of HST taxed? how is it calculated. 

 

Thanks.

1 Comment 1
AddieC
QuickBooks Team

HST ITC on Fuel costs

Hi there, 

 

Running a small business means that you'll have to be in-tune with tax categories and expenses. I know how important it is to evaluate your business expenses based on necessary charges such as taxes. I'd be happy to point you in the right direction for help if you're unsure how tax is calculated for fuel expenses. 

 

This is something I'd recommend touching base with an accountant on. While we're here to help with all of your product-related questions, figuring out if fuel expenses are taxed and at which rate is something I'd encourage you to speak with an accounting professional on. 

 

QuickBooks has some great resources available to you in order to connect you with an accountant if you're not currently working with one. Our ProAdvisors page can help you link with an accountant in your area, and these accountants are certified in QuickBooks Online or Desktop. That means that they'll not only be able to help with your general bookkeeping questions, but they'll also be able to direct you on how this can be reflected in the QuickBooks program.

 

If your accountant advises you to complete certain tasks in QuickBooks, that's where we come in! We're happy to help you navigate the account so that you can properly create entries that are accurate and on-par with accounting advice. 

 

I hope this helps get you on the right track. If you'd like any further assistance, our tech support team is also here to have your back.


Have a great day. 

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