GST/HST Simplified Method
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I am wanting to use simplified method for HST remittance - are there two separate forms - I was mailed GST34-2E. I am a new business - just opened November 2010 - first remittance due Jan 2011.
The simplified method of determining ITCs
does not use a different form for the actual reporting of GST/HST. Only the method of calculation is different.
There is no election required to use this method but once selected, it must be used for at least one year ... if you qualify.
I'm curious why you are choosing this method over the regular GST/HST reporting method given that the revised RC4022 Guide states, "If you make purchases in both participating and non-participating provinces, you have to separate your taxable purchases based on the rate of GST/HST you paid."
Are all your purchases taxable and in Ontario?P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.