The Quick Method lets eligible businesses remit a fixed percentage of their tax-included sales instead of tracking every input tax credit and refund. Quebec has a Quick Method for QST as well as GST, and the two can be elected together.
For service businesses with low expenses, that can mean keeping part of the 14.975% collected. For businesses with significant taxable purchases (inventory, equipment, subcontractors), the regular method usually wins.
We run both calculations before the election deadline. It takes a few minutes and is worth doing every year.
This article is general information, not advice for your specific situation. Please speak with a Ledgex CPA before acting on it.
