Save time and money with two GST/HST accounting methods
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CFIB - GST/HST and Simplified Input Tax Credits
Government red tape and regulations are one of the biggest headaches for CFIB members, second only to taxes. This is why CFIB works tirelessly with the various levels of government to reduce the regulatory burden faced by smaller businesses.
As such, here are two important victories for small business:
- The Quick Method of Accounting for GST/HST can help reduce the time and efforts spent on GST/HST compliance;
- The Simplified Method of Claiming Input Tax Credits uses a single formula to calculate input tax credits. It allows businesses to save $500 to $1,500 every year in time, efforts and costs associated with GST/HST compliance.
Check out the document provided here to verify if you are eligible and benefit from the advantages of these methods.
If you have questions or need help, contact a CFIB Business Counsellor at cfib@cfib.ca or by telephone at 1 888 234-2232.
