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What is the maximum input tax credit

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Reference no: EM132610429

Question - A GST/HST registrant buys a vehicle for $42,000 plus HST/GST of 10% to be used exclusively in the business. Assume the first-year capital cost allowance (CCA) on the vehicle is $1,500. What is the maximum input tax credit (ITC) that can be claimed in the year?

A) $1,071

B) $150

C) $3,000

D) $4,200

Reference no: EM132610429

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