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Unlike most businesses, medical practitioners[1] only need to collect Goods and Services Tax (“GST”) on certain types of supplies and are restricted from claiming an input tax credit (“ITC”) on costs incurred based on the type of supplies provided.
It is important that a medical practitioner correctly evaluate the GST status of their supplies as either taxable supplies, zero-rated supplies or exempt supplies.
Your shareholder loan account is made up of all capital that you contribute to the corporation and all purchases made on behalf of the corporation using personal funds or personal credit cards netted against cash withdrawals and personal expenses paid by the company on your behalf.
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