It's necessary to reconcile your books and
records with what you file for GST/HST on those
returns you file every month or quarter, or even
once a year for some small business owners.
If you don't reconcile, it's necessary to file an
amendment to your return for the period that's
not correct, especially if you've over or under
stated the GST/HST on your sales, or if you
claimed too much for ITC's.
If you didn't claim enough for ITC's, usually
it's up to four years, but for some business's
and other entities, it's only two years that
they can go back to claim an ITC if they missed
claiming for it.
Click here for spreadsheet that assists with
reconciliation between what was filed with CRA
and what's on the books currently.
This spreadsheet can be used to discover which
prior periods require adjustment and which Line
item requires adjustment.
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