The quick method accounting was introduced by Canada Revenue Agency (CRA) to help small businesses calculate their net tax for GST/HST purposes in a simplified manner.
When you use the GST quick method for your business, you still charge the applicable GST on your sales of taxable goods and services.
However, to calculate the amount of GST/HST payable, multiply your gross sales revenue (including the GST) for the reporting period by the quick method remittance rate.
The remittance rates of the quick method are less than the applicable rates of GST that you charge. This means that you remit only a part of the tax that you collect. This can result in significant savings every year for many businesses.
You may be eligible if:
To determine if this method will benefit your business financially: