GST Quick Method
GST Quick Method (Ontario registrants)
| Eligible for Quick Method | Sales < $400,000 in at least 4 of the previous 5 quarters. |
| Remittance rate | 7.8 % of the tax included sales, 2.8% on first $30,000 of sales per annum |
| Input tax credits (ITC's) | No ITC's are allowed for expenses incurred other than ITC's for capital asset purchases. |
| Types of businesses allowed to use Quick Method | Most business, but exceptions not allowed include lawyers, accountants, actuaries. |
| To use Quick Method | Required to file an election with CRA (Form GST 74) |