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Quick Method of Accounting for GST/HSTRC4058(E) Rev. 17Is this guide for you? This guide explains how to use the quick method of accounting. It does not apply to qualifying nonprofit organizations, municipalities,

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What is quick method of accounting?

The quick method of accounting is a simplified way for small businesses to calculate their GST/HST remittances.

Who is required to file quick method of accounting?

Small businesses that meet the eligibility criteria set by the Canada Revenue Agency are required to file the quick method of accounting.

How to fill out quick method of accounting?

To fill out the quick method of accounting, businesses need to calculate their GST/HST remittances using the prescribed percentages provided by the CRA.

What is the purpose of quick method of accounting?

The purpose of the quick method of accounting is to simplify the GST/HST remittance process for small businesses and reduce their administrative burden.

What information must be reported on quick method of accounting?

Businesses must report their total sales, GST/HST collected, and eligible supplies made during the reporting period.

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