Plain meaning
A simplified GST/HST accounting method that lets eligible small businesses calculate net tax using prescribed remittance rates.
Key points
- The quick method is available only to eligible registrants that meet CRA conditions.
- Businesses still charge GST/HST at the normal rate but remit using a prescribed percentage of eligible taxable supplies.
- Input tax credits are generally limited under the method, with some exceptions.
- The method can simplify compliance but may not reduce tax for every business.
Why it comes up
Quick-method changes or reminders affect small-business compliance costs and the practical burden of GST/HST administration.