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

kapn1966 · ‎October 29, 2019

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.

Delphision · ‎October 29, 2019

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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Delphision · ‎October 29, 2019

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.

kapn1966 · ‎October 29, 2019

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.

Delphision · ‎October 29, 2019

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

vantershe · ‎October 29, 2019

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

Delphision · ‎October 29, 2019

You claim the full expense including the taxes.

tylerecouture · ‎June 14, 2020

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

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