Search - 屯门 安南都护府

You calculate your adjustment as follows: Adjustment for expenses: $100 × 20% = $20 Enter the $20 adjustment on line 104 (or line 105 if you are filing electronically). ... Example- Both methods to calculate ITCs for reimbursements Example- Exact amount of tax paid vs using a factor method Situation Amount Expenses incurred by employee in British Columbia in June 2016 $350.00 + GST at 5% $17.50 + PST at 7% $24.50 Total after tax $392.00 The percentage for which the property or services is for consumption or use in relation to the commercial activities 80% An employer (who is a GST/HST registrant) reimburses employee $300.00 Result Situation This means Using the actual GST the employer incurred on reimbursed expenses The employer is deemed to have paid tax equal to $17.50 × the lesser of: $300/$392 = 77% 80% This means that the employer could claim an ITC of the following amount: $17.50 × 77% = $13.48 Using the factor to calculate the reimbursement This means that the employer could claim an ITC of the following amount: $300 × 4/104 = $11.54 In this example, the employer may prefer to claim an ITC equal to the actual GST they incurred on reimbursed expenses. See example – Both methods to calculate ITCs for reimbursements Example – Both methods to calculate ITCs for reimbursements Example – Exact amount of tax paid vs using a factor method Situation Amount Expenses incurred by employee in British Columbia in June 2016 $350.00 + GST at 5% $17.50 + PST at 7% $24.50 Total after tax $392.00 The percentage for which the property or services is for consumption or use in relation to the commercial activities 80% An employer (who is a GST/HST registrant) reimburses employee $300.00 Result Situation This means Using the actual GST the employer incurred on reimbursed expenses The employer is deemed to have paid tax equal to $17.50 × the lesser of: $300/$392 = 77% 80% This means that the employer could claim an ITC of the following amount: $17.50 × 77% = $13.48 Using the factor to calculate the reimbursement This means that the employer could claim an ITC of the following amount: $300 × 4/104 = $11.54 In this example, the employer may prefer to claim an ITC equal to the actual GST they incurred on reimbursed expenses. ...

The sum of all the items in column C = $200. Step 4: Calculating the total taxable benefit. The result of step 1 ($200) + the result of step 2 ($0) + the result of step 3 ($200) = a total taxable benefit of $400 that would be included on a T4 slip. The total of step 1 $200 Plus: the total of step 2 + $0 Plus: the total of step 3 + $200 Equals: the total taxable benefit $400 Date modified: 2016-12-08 ...