Tax planning for GST / QST taxes
There are two calculation methods for GST / QST: the normal method and the quick method.
The normal method is very common. The method of calculating this method is simple.
Ex. A service costs $ 500 before taxes
$ 500 * 5% GST
$ 500 * 9.975% QST
But not everyone is aware of the quick method.
The quick method is recommended for small businesses.
However, this method should not be used for businesses whose income exceeds $ 400,000 per year.
Who does not have the right to use this method?
Physicians, accountants, lawyers, notaries, actuaries, municipalities, local governments, financial institutions, charities, hospital authorities, public institutions, some non-profit organizations.
It has an advantage for some companies compared to the normal method. For more details on quick method, call the accountant.