When to Elect to Use the Simplified Method for Calculating ITCs and ITRs

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If you wish to use the simplified method for calculating input tax credits (ITCs) and input tax refunds (ITRs) for your small business or eligible public service body, you are not required to file any forms, but you must elect to use the method by one of the following deadlines:

  • If your filing frequency is annual, your election must be made no later than the first day of the second fiscal quarter of the fiscal year in which the method is to be used. For example, if you wish to use the method in the fiscal year from January 1 to December 31, 2018, you must make the election no later than April 1, 2018.
  • If your filing frequency is monthly or quarterly, your election must be made no later than the filing deadline for the first return on which the method is to be used. For example, if you wish to start using the method in the reporting period from January 1 to March 31, 2018, you must make the election no later than April 30, 2018.

Once you have elected to use the simplified method, you must continue to use it for at least one year, unless you cease to meet the requirements at any time in your fiscal year, at which point you must stop using it.

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