Question

I pay taxes on the retail value of the inv I order in for my business, then collect tax on retail value as I sell it. Is the tax I paid.. part of COGS or a sep exp?

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As per the Canada Revenue Agency (CRA), claim the cost of the goods you buy or make for sale in the fiscal period in which you sell them.

The tax you paid to purchase your goods is included in that cost. Therefore, it should be included in COGS after you sell them.

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