0

I use Quick method for calcualting GST/QST remittances:

The Quick Method is a simplified accounting method designed to help registrants calculate the GST and QST they must remit to Revenu Québec.

Under the Quick Method of Accounting, you collect GST and QST in the usual manner. However, you need not claim input tax credits (ITCs) and input tax refunds (ITRs) respecting your current operating expenses or purchases made in the course of your commercial activities, because the Quick Method of Accounting takes them into account.

For GST purposes, you need only multiply the total taxable supplies (including GST) by the applicable rate, and for QST purposes, simply multiply the total taxable supplies (including QST) by the applicable rate.

If applicable, you must then calculate the 1% rate reduction on the qualifying portion of your taxable supplies and deduct these partial amounts from the tax payable.

What is not completely clear for me, it's how to apply this 1% reduction.

I understand that I can decrease taxes on 1%, but in the form I need specify remitted GST and QST separately and not sure should I apply this to GST or QST.

You must log in to answer this question.

Browse other questions tagged .