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S-Joe

GST/HST Quick Method

6 posts in this topic

If I choose the 'Quick Method' to account for GST in the UFile Interview 
(I am self-employed with income under $40,000) do I have to complete 
another GST return at  cra.gc.ca/gsthst-netfile? Or is the UFile return the only one I need to submit....

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From tax perspective, you still have to file GST/HST return through GST/HST NETFILE under your GST/HST BN# separately if you are a GST/HST Registrant. By choosing "Quick Method" hopefully it will guide you to fill out T2125 Statement of Business/Professional Activities and advise you to add the gain (you collected more than you remitted to CRA) from Quick Method to your self employed income under Business/Professional Income. Hope I understood your question correctly.

 

I used Profile for many years, just picked up Ufile for Windows for the first time. Very skeptical after reading some of the questions posted. Will come back to forum after I start working on my taxes. Good luck!

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This is an old post, but it's kind of related to my question. In uFile, there are 2 lines - Quick method HST collected and quick method for each applicable remittance rate, multiplied by the remittance rate. Now I've entered the amount of HST I've collected in the first line, but I'm unsure what or even if, I'm supposed to put anything for the 2nd line.

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Hi Abe,

 

You must have made the choice to use the Quick Method of Accounting for the GST/HST.

To learn more about the quick method of accounting and to view some examples, visit the following link;

http://www.cra-arc.gc.ca/E/pub/gp/rc4058/README.html

1. On the line for "Gross sales, commissions or fees", you have to include GST / HST collected or collectible.

2. On the line for "Quick method - GST/HST", enter the GST/HST collected or collectible, eligible for the Quick Method of Accounting.

3. On the line for "Quick method - for each applicable remittance rate", enter the amount you entered on line 103 of your GST/HST.

4. On the line for "GST/HST included in sales", enter the amount of GST/HST collected or collectible.

5. On the line for "Discount and rebates on sales", enter rebates on sales, discount and returns.

6. For expenses they must be entered before taxes to reflect the ITRs (input tax refund) and ITCs (input tax credit) that you claimed.

For more information, please visit the following link:

http://www.cra-arc.gc.ca/E/pub/tg/t4002/

For Quebec residents, we suggest that you consult the "Business and Professional Income" guide, published by Revenu Québec. You can visit the following link:

http://www.revenuquebec.ca/en/sepf/publications/in/in-155/default.aspx

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I am new to this whole forum thing, and the taxes thing and I have so many questions.
I dont know where to ask them so I am just throwing it out there. 

I had paid a professional to prepare my husbands gst returns as well as our tax returns and his t4s.
I had everything organized and labeled nicely for said professional, so it would be easier for them to go through.
I had explained I have no idea what I am doing as I had not begun my small business accounting course at the time. 

2016 T4 time I had brought all my payroll reports to this professional yet again, once I had paid them they told me my information was correct and I would have to file the t4s and send them out the the employees. Which got me thinking, 'Didn't I just pay you to do that for me? What else was I supposed to do myself?' I began looking through everything I had had them do for me and noticed that thousands of dollars of expenses over the years we're not accounted for in my husbands returns. Which would have effected everything! Money that was reimbursed to him for travel expenses was included in earnings. Things were just not right, and now I am stuck with fixing this disaster.

My question: Can I re-do previous returns and apply the GST/HST quick method to them? 

                  



                       

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Hello someonetookmyname (and your money too... ;) )

 

You can use the program to make an adjustment on a tax return that has already been filed. On the "Interview setup" page, in the "Other" section, check off "Adjustment request for a tax return that has been filed" and click "Next". "Adjustment request" will appear in the left side menu. Click this option and select the form you need to fill out on the right-hand side of the page.

 

You can also  contact the CRA or Revenu Quebec to order the form that you will fill out and resubmit by mail or visit "My Account" at the CRA website (www.cra-arc.gc.ca/myaccount/) to complete the T1-ADJ Adjustment Request form online.

 

If you are using the program, you will have to print out and mail the completed T1-ADJ plus copies of any relevant documents.

 

You cannot transmit a T1-ADJ via NETFILE. The CRA will send you a new Notice of assessment after they have processed the adjustment.

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