The Quick Method isn't really quick.
If you are using the GST Quick Method for reporting on your tax it seems as though you add the tax and net revenue together and then do some kind of mathematical percentage (this is in BC and is a personal service biz) to show what tax to pay.
Is this correct and if so now that Apr 1 has come and gone what is the difference in this percentage from the 1st and 2nd quarters of 2013?
When you are recording your sales for your personal tax (T1 proprietorship) purposes do you use a net of the actual GST collected amount as revenue or do you take the amount reported for GST purposes which includes the tax collected?
Not sure I am seeing the benefit to the Quick Method and would love your comments. Seems like you end up paying more than doing the regular method utilizing your ITC's.
If you use the amount of revenue including tax collected as the revenue do you expense the GST you pay each quarter as an expense?
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