The basic concept of the quick method of accounting for GST/HST is best described as follows:

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The quick method is a simplified way for small businesses to calculate and remit their GST/HST. It allows for a reduction in the amount of GST/HST that must be charged and remitted to the government. The amount of tax saved varies based on the province or territory where the business is located, but generally ranges from 1% to 4%. However, the quick method is only available to businesses with total sales of less than $400,000 annually (in most provinces) and cannot be used by certain types of businesses such as those that provide exempt supplies. While the quick method may result in paying slightly more or less GST/HST than if detailed records were maintained, it can still be a beneficial option for qualifying businesses to simplify their accounting processes. A smaller company with large capital purchases may still benefit from using the quick method depending on their individual circumstances.

The Basic Concept of the Quick Method of Accounting for GST/HST