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.
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