What small businesses should know about the Quick Method for reporting GST/HST
To help you better understand the Quick Method process of GST/HST reporting so that you can better serve your small business clients, Chartered Professional Accountants of Canada (CPA Canada) is providing you with access to this article on the topic from Grant Thornton LLP.
A recent change to Canada’s GST/HST reporting rules means that businesses can use the Quick Method to account for GST/HST if their annual taxable sales are worth up to $400,000 (up from a previous maximum of $200,000). This means many more businesses than before can use this method for GST/HST reporting — but is it worth it?
Find out more about the Quick Method and how to advise your small business clients on this subject with this Grant Thornton article, “Small businesses: Should you elect to use the ‘Quick Method’?” Published in January 2014, it explains how the Quick Method works, how to use it and which types of businesses are not eligible.