Published: April 11, 2020
Last Updated: April 11, 2020
GST/HST Quick Method of Accounting
Some Canadian small businesses may be eligible for a simplified method of filing their GST/HST returns. They be able to elect to use the quick method of GST/HST accounting when filing their GST/HST tax returns. Small businesses that elect to use the quick method do not need to report actual GST/HST paid or payable on most purchases (input tax credits or ITCs) as GST/HST calculations are simplified by using quick method remittance rates without having to specifically track input tax credits.
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."