Sales Tax (CA) - Support 'Quick method' GST/HST tax calculation
Support Quick Method of GST/HST tax calculation for Canadian small business. Small business corporations in Canada have an option of so called Quick Method of GST/HST tax calculation that is based on a marginal percentage from the sales revenue amount instead of full balance of taxes collced and paid. Many small businesses choose to use QM because it frequently and significantly (upt to 30%) reduces GST/HST taxes payable. Current GST/HST tax report does not support the QM and the manual workaround method through tax adjustment is not 100% corret in terms of the line numbers in the report. Enabling QM support will significantly increase usability and value of the GST/HST tax report for small business users in Canada. More about Quick Method here https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4058/quick-method-accounting-gst-hst.html
-
Kevin Mouscos commented
Agreed
-
Shiqing Qi commented
We have many clients that use HST quick method