# HST Quick method - CCPC getting away with murder ?



## KFried (Oct 4, 2016)

I am a CCPC whose expenses are 99% salaries. The Quick method for HST would let me keep approx 4% of the HST collected (in Ontario), no questions asked.

Is this true, or am I missing something ? More insight into the matter welcomed.

Just askin', not complainin' ...


Advanced thanks


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## KFried (Oct 4, 2016)

*Correction - not 4% but more like 30%*

Soryy, the Quick method for HST would let me keep approx 4/13 (`30%) of the HST collected (in Ontario), no questions asked.


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## Nerd Investor (Nov 3, 2015)

There are lots of exceptions where you can't use the Quick method, so keep an eye out. They are covered fairly well here: http://www.cra-arc.gc.ca/E/pub/gp/rc4058/rc4058-10-16e.pdf
But ultimately, in the unique circumstances you're describing, it can be pretty beneficial.


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## KFried (Oct 4, 2016)

Thanks a bunch.

Now, if you're feeling even more charitable:

I've collected 3400, remitted 1400, still due to remit 900 after quick method calc and get to keep 1100:

What's my 2680 Taxes payable ? 2000 balances the tax return, but the Quick method tells me to remit only 900.

How do I go about it ?

Again, many thanks


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## Market Lost (Jul 27, 2016)

This may surprise you, but part of the rational for the quick method is that it is there to provide a bit of compensation for filing the HST. The government does have some good points.

Is your second question asking how to account for the remittance that you don't submit?


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## KFried (Oct 4, 2016)

That's good incentive to file HST !

Yes, it's about the amount I get to kepp. Not sure to explain better than with the numbers provided. I guess - if my line 2680 Taxes payable does not include "the incentive", how do I balance the return ?

Thanks, wish I could explain better.


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## Market Lost (Jul 27, 2016)

Sorry for the delay in responding, for some reason this thread didn't highlight properly.

You don't balance the return for the quick method, you simply do the math, and send it in. 

For your income tax, I don't recall the exact way I used to capture this for the books. It's either a reduction of expenses, or a miscellaneous income, but I don't recall, which method was preferred, if either.


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