Changes to The GST “Quick Method” July 1, 2006
If you are a registered business that charge Goods and Services Tax (GST) on your sales or services .. you already know that this is TRUST money, and that you are only collecting these taxes on behalf of the government. You also probably know that when you can collect GST … you are allowed to deduct most or all of the GST that your business has paid, called “input tax credits” (ITC)s. I’ve discussed previously of ways to help make sure that all your GST ITC’s are recorded in your accounting system or by your accountant. For eligible businesses, you don’t have to worry about all this meticulous calculations because there is this thing called .. “THE QUICK METHOD” that Canada Revenue Agency has created. It’s been eligible for years .. but you have to ELECT (or apply) to use this method, then you would always use this method.
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SUV probably bigger gas guzzler than my beater Lumina - but just before...
