During 2019 Magico Inc., a Ontario CCPC, made taxable supplies in Ontario of

$ 20,000,000, incurred taxable purchases of $ 5,000,000 and incurred expenses on which HST was not payable of $ 1,000,000. Magico Inc. also acquired capital equipment at a cost of $ 226,000 including HST.

The company uses the long form method to calculate its HST liability. Assume that the sales and purchase amounts above exclude HST.

Required:

Insert your answers to the following questions in the space provided:

1.The gross amount of HST payable on taxable supplies for 2019 before claiming

any input tax credits is

2.Total input credits allowable for HST purposes for 2019 are