Skip to main content

Save time and money with two GST/HST accounting methods

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 that you are eligible to take advantage of these methods and that you would benefit from doing so. 

Did you know that you can make your GST/HST payments online?  Paying online is secure, convenient and easy. You receive an instant confirmation of your payment and reduce your risk of misallocated payments.

Set-up is easy.  Simply choose the payment option that suits you best. Make your payment in one quick transaction through online banking, Interac® Online or pre-authorized debit.  Find out more at Canada.ca/payments.

CFIB Business Counsellors are available to answer your questions. Contact us at [email protected] or by calling 1–888–234–2232.