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GST Quick Method - Free Money
If you are GST registered, you must charge your clients 7% GST. But did you know that the 7% you charge may not have to be totally remitted to CRA?
Some businesses may benefit by using the "Quick Method" for calculating GST. The "Quick Method" ignores the GST you pay (except for fixed asset purchases) and calculates the tax based on 4 or 5% of your revenues including GST. A net tax savings can result if the business has few expenses compared to its revenues or expenses where GST was not paid like insurance or interest.
Careful planning with a Chartered Accountant is warranted. Contact Keith Anderson CA at (780) 447-5830 if you need advice.
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