To use the Quick Method of Accounting, you must complete form FP-2074-V, Election or Revocation of Election Respecting the Quick Method of Accounting.

If you have a monthly or quarterly filing frequency, you must file the form with us no later than the deadline for filing your return for the period in which you want to use the method. For example, if you wish to start using the method for the reporting period from January 1 to March 31 of a given year, you must file the form no later than April 30 of the same year.

If you have an annual filing frequency, you must file the form with us no later than the first day of the second quarter of the fiscal year in which you want to use the method. For example, if you wish to use the method for the fiscal year from January 1 to December 31 of a given year, you must file the form no later than April 1 of the same year.

We will confirm your election in writing. The effective date you entered on the form is the date on which you may begin using the Quick Method; however, the date must correspond to the first day of your GST and QST reporting period.

Once you have made the election, you must use the Quick Method for at least one year.

The election to use the Quick Method does not have to be made each year. It remains in effect as long as your business continues to meet the requirements listed under Who Can Use the Quick Method of Accounting?.

The Quick Method applies to all your divisions, regardless of whether they file separate GST and QST returns.

You can view information about your accounting method elections in My Account.

Revoking your election

The election ceases to be in effect as soon as you file form FP-2074-V, Election or Revocation of Election Respecting the Quick Method of Accounting.