Tax - Quick Method Working Paper (G1)
The Quick Method sales tax working paper is designed to mimic the calculation as per the CRA guidelines (
link). The references are shown to the right of each relevant line.
The working paper includes the following:
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The calculating adjusted GST/HST included sales for the year
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Total GST/HST input credits for the year
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GST/HST payable calculation
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Links to capital assets working papers
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GST/HST payable / refundable for the year before installments and prior year balances owing / refunded
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Total GST/HST payable / refundable at end of the year
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GST reported on returns (monthly, annually, quarterly)
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Reconciliation of GST/HST payments made for the year
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Calculation of overpaid / underpaid GST/HST for the year
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Diagnostics comparing GST/HST payable per TB compared to working paper and indicating when sales are beyond threshold