Bookkeeping assitance - Canada
by dummy100 - 6/17/13 11:06 AM
If you are using the GST quick method for reporting on your tax it seems as though you add the tax and net revenue together and then do some kind of mathematical percentage (this is in BC and is a personal service biz) to show what tax to pay.
When you are recording your sales for your personal tax purposes do you use a net of the actual GST collected or do you take the amount reported for GST purposes and deduct the percentage you paid?
If you use the total amount reported to GST as sales do you show the actual GST as an expense?
Not sure I am seeing the benefit to the quick method and would love your comments. Seems like you end up paying more than doing the regular method utilizing your ITC's.