Solved: "GST/HST collected or collectible using the quick ...

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New Member

"GST/HST collected or collectible using the quick method"

I'm not sure what to do about his box and one following it. I do use the quick method and I understand how to do that when filing my HST. However, there are three places to enter figures relating to HST on this page and I have no idea what they want in the last two and if I should be using the first HST box at all.
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New Member

"GST/HST collected or collectible using the quick method"

If this is a T2125 you are talking about, you input all of the GST/HST that you collected in the first line.  The second line is the total of all the GST that you remitted to the government.  Make sure that you include the 1% of the first $30,000 in sales.  The third line is where you input any GST owed to you multiplied by your GST/HST tax rate.  Everything else goes into income.  The quick method is more like commissions and the percentage you keep becomes revenue.

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6 Replies
New Member

"GST/HST collected or collectible using the quick method"

If this is a T2125 you are talking about, you input all of the GST/HST that you collected in the first line.  The second line is the total of all the GST that you remitted to the government.  Make sure that you include the 1% of the first $30,000 in sales.  The third line is where you input any GST owed to you multiplied by your GST/HST tax rate.  Everything else goes into income.  The quick method is more like commissions and the percentage you keep becomes revenue.

View solution in original post

New Member

"GST/HST collected or collectible using the quick method"

Thanks. I went and found the actual government tax form and it was as clear as you describe there. It also had useful info on working it all out. The equivalent TurboTax page was pretty bad and remains confusing even after I look at the form. The text content of the box is the same, but it lacks the context and so becomes confusing. Thanks for your answer.
New Member

"GST/HST collected or collectible using the quick method"

Glad to help.  I'm not fond of the quick method, myself, and it can be confusing.
New Member

"GST/HST collected or collectible using the quick method"

in line with this, how do i claim expenses when using the quick method? with or without tax?
New Member

"GST/HST collected or collectible using the quick method"

You claim the full expense including the taxes.
New Member

"GST/HST collected or collectible using the quick method"

Turbotax is confusing here.  It should include the context/info provided on the tax forms.

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t2125/t2125-19e.pdf

v