Would the Quick Method pay you?
Two sliders, one toggle, and you'll see the regular method and the Quick Method side by side on your own numbers. Most low-expense service businesses are quietly leaving four figures a year on the table.
Your year, roughly
Estimates are fine, you can refine later. Numbers are pre-tax unless noted.
Consultants, agencies, trades, studios, clinics' taxable side, most service businesses.
Rent, software, supplies, fees, anything you pay 13% on. Exclude wages (no HST) and capital purchases like equipment (you keep those credits either way).
- Regular method remittance: $19,500
- Quick Method remittance: $17,599
- Includes the 1% credit on your first $30,000 of gross sales
Before you elect, know these four.
The $400,000 cap
Eligibility requires annual worldwide taxable supplies of $400,000 or less including HST, roughly $354,000 pre-tax. Associates count toward it. A higher limit has been proposed federally; until it's law, plan on $400k.
Excluded professions
Accountants and bookkeepers, lawyers, financial consultants, actuaries and certain others can't elect at any size. (Yes, we're on the list we keep recommending to everyone else.)
Capital ITCs survive
You still claim full input tax credits on capital purchases: computers, equipment, vehicles. The Quick Method only trades away credits on day-to-day operating costs.
Election timing
File the election (GST74 or online) generally by the due date of the return for the period you want it to start, and expect to stay on it for at least a year. We handle the paperwork for clients.
Related reading & services.
The calculator estimates.
The review confirms.
Free 30 minutes with your actual return: both methods on real numbers, the election checked for eligibility and timing, findings in writing.