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Navreet Kaur on Instagram: "How does your accountant calculate your GST/HST payable or receivable? It comes down to a simple formula: 1. First, we total the GST/HST you collected from your clients on sales. This is called output tax. 2. Next, we calculate the GST/HST you paid on eligible business purchases and expenses. These are called input tax credits (ITCs). 3. Finally, we subtract the ITCs from the GST/HST collected: GST/HST Collected – GST/HST Paid = Net Amount • If the amount you collecte
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