Professional fees box - gross or incl GST? Which box for GST collected? Which for GST - 34 paid on Quick method? Descriptions are confusing to me.

[james-moon]

One box says GST collected for Quick method. I assume this is all collected from clients. Next box says GST collected multiplied by Quick Method remittance rate. I gather this is the amount paid to CRA with GST-34. Is this correcf?.

[SandraWWoodbridge]

If your question is about professional fees in the income section of the self-employment, please fill the boxes as instructed on the page with the title “[Your Name], what was your self-employment or business income?”

• In the box “Professional fees (include work in progress)”, enter the professional fees you received including GST/HST you collected from clients (column 3H in T2125).
• In the box “GST, HST and PST (if included in sales above)”, enter the amount of GST/HST you collected from clients (column 3I in T2125).
• If you use the Quick method, answer “Yes” to the question “Did you use the Quick Method to calculate your GST/HST remittance?”
• In the box “GST, HST collected or collectible on professional fees eligible for the Quick Method”, enter the amount of GST/HST collected from the clients that are eligible for the Quick Method (column 3K in T2125).
• In the box “For each applicable remittance rate, subtract professional fees eligible for the Quick Method plus GST/HST collected or collectible multiplied by Quick Method remittance rate”, calculate professional fees plus GST/HST times remittance rate (column 3L in T2125). This is the amount that you would remit to the CRA (Canada Revenue Agency).

You can obtain more information by visiting the CRA page “Quick Method of Accounting for GST/HST”.

If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter.

[jhnit]

I have the same question.  Con you confirm this is correct?  The way it is worded, it sounds like we should be entering column 3M in T2125 for the question “For each applicable remittance rate, subtract professional fees eligible for the Quick Method plus GST/HST collected or collectible multiplied by Quick Method remittance rate”.

[TurboTaxBrenda1]

Here is a great TurboTax Video to show you exactly how to input your amount- https://www.youtube.com/watch?v=tHAwjWFbYZY

Thank you for choosing TurboTax.

[jhnit]

Thank you for the video, but it is from 2017 and this year's form has different wording.  I want someone to confirm what needs to go in the box "For each applicable remittance rate, subtract professional fees eligible for the Quick Method plus GST/HST collected or collectible multiplied by Quick Method remittance rate"

I'll just give you the numbers.  I have collected $3360 in GST/HST, however I will only be remitting $2541 using the Quick Method.  What do I put in the above box???  $2541?  Or $819?  (i.e. $3360 - $2541 = $819).

Based on the confusing wording, I think it should be entering $819.  However if I follow the original post it would be $2541.

[james-moon]

The 1st box includes the GST collected and the 2nd includes  the amount submitted to CRA 

1 - Amount of GST collected from your clients.

2 - The amount you submitted to CRA   

1 minus 2 = the extra amount you received added to income.

Too bad CRA doesn't simply ask for these two amounts under the Quik file method:   

1- GST collected from clients

2 - GST submitted to CRA 

The wording drove me nuts so I posted the original question. Have since confirmed it works this way  and the math makes sense.

[james-moon]

2541 is the remitted amount the system subtracts from the amount originally collected. I gather this is how the CRA taxes the few extra sheckels we  gain under the Quick File method.