http://heddenchong.com/wp-content/uploads/2024/01/GSTHST-Quick-Method.pdf WebMar 30, 2024 · Here is an example of the HST Quick Method calculation for an auto repair shop in Ontario: Assuming you provide a service that costs $1000, the standard HST rate …
GSTHST Quick Method - HEDDEN CHONG LLP – since 1961
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WebYes I use simple tax as well. Its because if you use the quick method you have to pay income tax on the portion of the HST you get to keep. It's important you're doing the calculations correctly on both the myBusiness account and on simpletax because the fields are easily misinterpreted and you can end up paying tax that you shouldn't be. WebAug 21, 2024 · A CRA Input Tax Credit (the “ITC”) is the sum or the allowable portion of the GST or HST paid on business-related expenses. A business, which can be all sorts of entities pursuant to subsection 123(1) of the Excise tax Act, is able to claim these ITCs on purchases and expenses that are for the use or supply of business activities. WebMay 31, 2024 · The following steps summarize how to use the simplified method of claiming input tax credits. Step 1: Add up your ITC eligible business expenses. These expenses will include the following: Interest and penalty charges related to purchases taxable at the GST or HST rate; and. Reimbursements paid to employees, partners, and volunteers for taxable … flood zone checker by postcode