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Question

Bookkeeping assitance - Canada

by dummy100 / June 17, 2013 4:06 AM PDT

If you are using the GST quick method for reporting on your tax it seems as though you add the tax and net revenue together and then do some kind of mathematical percentage (this is in BC and is a personal service biz) to show what tax to pay.
When you are recording your sales for your personal tax purposes do you use a net of the actual GST collected or do you take the amount reported for GST purposes and deduct the percentage you paid?
If you use the total amount reported to GST as sales do you show the actual GST as an expense?
Not sure I am seeing the benefit to the quick method and would love your comments. Seems like you end up paying more than doing the regular method utilizing your ITC's.

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Clarification Request
(NT) Sorry but wasn't GST replaced with HST?
by R. Proffitt Forum moderator / June 17, 2013 4:08 AM PDT
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Bookkeeping assistane - Canada
by dummy100 / June 17, 2013 5:02 AM PDT

Changed back in BC Apr 1 2013 from HST of 12% to the old PST and GST taxes. If you are a GST registrant you still have to report and there are two reporting options: Regular (which I am familiar with) and this Quick Method which I know nada about other than what I have read on CRA

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So 7 and 7 = 14 and 7 an 5 = 12.
by R. Proffitt Forum moderator / June 17, 2013 5:22 AM PDT
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