The Quick Method lets eligible businesses remit a fixed percentage of their HST-included sales instead of tracking every input tax credit. For service businesses with low expenses, that can mean keeping part of the HST collected.
For businesses with significant taxable purchases (inventory, equipment, subcontractors), the regular method usually wins, because the credits given up outweigh the benefit.
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.
