Who Can Use the Quick Method of Accounting?
Small businesses can use the Quick Method of Accounting, provided their total annual taxable supplies worldwide (including zero-rated supplies and supplies made by associates) do not exceed $400,000 (GST included) under the GST system or $418,952 (QST included) under the QST system.
The Quick Method cannot be used by the following entities:
- listed financial institutions;
- certain non-profit organizations;
- selected public service bodies;
- firms that provide legal, accounting or actuarial services;
- firms that provide fiscal or financial consulting services;
- firms that provide bookkeeping services or that specialize in the preparation of tax returns.
To estimate your reduction in the amount of taxes to be remitted if you use the Quick Method, use the Quick Method of Accounting: Tax Reduction Calculator.