This method of accounting is perfect for small businesses that have very little expenses!
You bill the GST/HST to your customers and give a percentage back to the government. The QM12 calculates the total amount to remit to the government based on your province of residence and the rate applicable to your province.
All you have to do is enter your revenue, taxes included.
Not everyone can use this method, the following cannot:
- Charitable organizations.
- Certain not-for-profit organizations.
- Businesses who offer legal services.
- Businesses who offer financial or fiscal services.
- Businesses who do bookkeeping or prepare tax returns.
For applicable rates and more details, refer to: RC4058(E)Rev.17 and for Quebec in IN-203.
($57 taxes included)