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F
FLGCanada
June 30, 2020
Question

Sales Tax on Imports

  • June 30, 2020
  • 1 reply
  • 0 views

I have been importing medical devices and usually pay full invoice amount for eg $70,000. Upon import, I am charged GST. How do I rate the $70k as? Zero-rated, exempt or out of scope? I charge HST on the goods and want to be able to claim the tax credits

 

Thanks

1 reply

J
JamesM
June 30, 2020

Hello there,

 

Knowing which tax code to use is a good exercise for keeping your books clean. I'd be happy to share info on the differences between Zero -rated, Exempt and Out of Scope. 

 

QuickBooks is a robust program that offers useful features which help streamline your business. I encourage you to check out this helpful article which shares more info on: Common sales tax codes. The article will give you a breakdown on all the common tax codes in QBO. Once you've reviewed the article, it's up to you to choose which tax code to go with. 

 

I also recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to help.

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