Claiming GST as an expense and input tax credit

How is it possible to double-claim GST as a business expense in Canada? If you have a GST account and you are collecting GST on sales in your business, you must remit the GST you have collected to the government. However, for the GST that you pay on purchases for your business, you can claim them as Input Tax Credits (ITCs) to reduce the amount of GST you have to remit (dollar for dollar). If you are claiming the GST portion of your expenses as ITCs, then you cannot also claim that portion as a regular business expense when filing your income taxes. Magnaltus Instagram: https://www.instagram.com/magnaltus/ #business #businessmanagement #businessstartup