You can use the Quick Method regardless of whether you include the GST and QST in your sale prices or whether you list the taxes separately from the price.
You are still required to keep all supporting documents concerning purchases and sales. If you make taxable sales in participating provinces, the rates may vary depending on the location of your business, the province where you made the sales, the nature of the sales and whether or not you charged GST or HST on your taxable sales excluding zero-rated sales.
You can, however, claim ITCs and ITRs for acquisitions of land and property such as a building, a vehicle or office furniture that give entitlement to capital cost allowance CCA for income tax purposes. The portion of the taxes that is collected but not remitted using the Quick Method must be included in your income for income tax purposes.
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When the time comes and you need to calculate your taxes, start with the sales section. Take your sale journal for the according period of time and calculate separately each of the following items:. In Quebec, you need to fill in the FPZ form to declare your taxes. There are 3 ways you can find this form:.
Note: simply paying the total amount you owe is not enough. There are 5 essential elements you need to take out from your sale and expense journals and that you need to provide:. Here is some advice:. If you are not comfortable with this whole process, it could be wise to ask tax accountants to help you with the task. You will rest easily and will be able to focus on your business.
Do not hesitate in contacting T2inc! Corporate tax. Take your sale journal for the according period of time and calculate separately each of the following items: Total sales, turnover, before taxes for the desired period; Total GST on your invoiced sales; Total QST on your invoiced sales.
With this information, you will be able to move on to the next step. There are 5 essential elements you need to take out from your sale and expense journals and that you need to provide: Total turnover, before taxes, for the analyzed period; Total GST on your invoiced sales; Total QST on your invoiced expenses; Total GST on your invoiced expenses, for which you have a receipt; Total QST on your invoiced expenses, for which you have a receipt.
Mortgage Tools. Real Estate Guides. All Taxes. On This Page. Rates for other mortgages are higher. EN FR. Sales Taxes in Quebec Quebec is one of the provinces in Canada that charges separate provincial and federal sales taxes. Amount before taxes. QST 9.
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