• Reporting period
• Filing the returns
• Remittance of tax due or refund
• Quick Method of Accounting
• Claiming ITRs and ITCs

• Tool for estimating the reduction in GST and QST to be remitted

Quick Method of Accounting

The Quick Method of Accounting was devised to help registrants calculate the GST and QST they are required to remit to Revenu Québec.

Conditions of use

GST

• Your total annual taxable sales must not exceed $200,000 (GST included).
• When calculating the GST you are required to remit, multiply your total taxable sales (GST included) by 2.2% or 4.3%, as applicable. Note that these rates are effective as of July 1, 2006.

QST

• Your total annual taxable sales must not exceed $215,000 (GST and QST included).
• When calculating the QST you are required to remit, multiply your total taxable sales (GST and QST included) by 2.7% or 5.3%, as applicable.

Input tax credits (ITCs) and input tax refunds (ITRs)

If you use the Quick Method, you do not have to claim ITCs or ITRs respecting your current operating expenses and purchases relating to your commercial activities, because ITCs and ITRs are already accounted for in the Quick Method.

However, ITCs and ITRs may be claimed with respect to land or other property acquired that gives entitlement to capital cost allowance for income tax purposes.

Election to use this method

To use the Quick Method, you must fill out form FP-2074-V, Election Respecting the Quick Method of Accounting for Small Businesses, and file it with Revenu Québec. Your election will be confirmed in writing.

The effective date you indicate on the form is the date on which you may begin using the Quick Method; however, the date must correspond to the first day of your GST and QST reporting period.

For further information, consult the brochure General Information Concerning the QST and the GST/HST (IN-203-V).