Many businesses who use regular GST/HST reporting can opt to use the simplified method as long as they meet the following criteria:
- Annual revenue from taxable property and service is no more than $1 million
- Your total taxable supplies are no more than $1 million for the year
- Your taxable purchases are $4 million or less
To use the simplified method, there are 3 steps involved:
- Add up your eligible ITC business expenses, which include GST/HST, Non-refundable PST, Taxes and duties, Tips, Interest and penalties, Reimbursements.
- Multiply the amounts calculated in Step 1 by the relevant tax rate
- Calculate and add any additional amounts that were not included in Step 1.
These amounts will be entered on Line 108 if you are filing electronically or Line 106 if you are paper filing.
Like all reporting methods, please make sure you keep all documentation pertaining to the amounts your claiming should your business become subject to an audit.
This is general comment, and you should contact Tax Partners for any questions by sending an email to [email protected] or (905) 836-8755.
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