I must report on T2151 the diff. between HST collected in 2014 @ 13% & the amt I submitted in 2014 at Quick Method remit. rate of 8.8%. That means I pay tax on the diff?

Answer

I need to ask a few questions to get you the best answer:

What province are you in?

Is this the first year you are registered for GST/HST?

The questions on the T2125 also do not seem  to allow for the 1% credit allowed to be deducted from the total before applying the base rate.

I believe that the GST/HST calculation is for the sole purpose of determining the actual sales figure, rather than reporting and paying GST.  Even the quick method is normally reported on the GST34, and either paid via cheque, online or at the bank.

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