Regulatory Initiative: Input Tax Credit Information Requirements - Forward Regulatory Plan 2022-2024
Title or working title of the regulatory initiative:
Input Tax Credit Information Requirements
Description of the objective:
To simplify tax compliance for businesses, Budget 2021 proposed amendments to the Input Tax Credit Information (GST/HST) Regulations to increase the current input tax credit information thresholds under the Goods and Services Tax/Harmonized Sales Tax, and to allow billing agents to be treated as intermediaries for purposes of the input tax credit information rules.
Indication of business impacts:
The Small Business Lens is not expected to apply.
Public consultation opportunities:Draft regulatory proposals were included in Budget 2021 documentation, which was tabled in the House of Commons by the Minister of Finance on April 19, 2021. As this measure was publicly proposed in Budget 2021, opportunity to comment has been provided to the public.
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