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During the year CorpH, a PEI-based corporation, had the following transactions: Purchased an automobile in Nova Scotia for $32,000 (including GST/HST). Leased an automobile from
During the year CorpH, a PEI-based corporation, had the following transactions:
- Purchased an automobile in Nova Scotia for $32,000 (including GST/HST).
- Leased an automobile from a dealership Ontario on July 1 and made six monthly payments of $980 (including GST/HST).
- Provided taxable employee benefits to its office staff in PEI of $56,000.
- Business use of the purchased automobile was 100%.
- Business use of the leased automobile was 75%.
With regard to the transactions above, how much Input Tax Credit (ITC) can CorpH claim?
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