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Would the HST quick method save you money?

Quick answer: Compare the HST quick method against regular filing on your real revenue — a $120,000 service business keeps $1,567 more. The 1% credit is included in the math.

Enter annual revenue, pick your rate class — services remit 8.8%, retail and wholesale 4.4% — and add the input tax credits you would claim the regular way. The calculator files both ways side by side: a $120,000 service business collecting $15,600 of HST with $2,400 of ITCs remits $13,200 the regular way but $11,633 on the quick method once the 1% credit applies — keeping $1,567.

Common questions

How does the quick method work?

Instead of remitting HST collected minus input tax credits, you remit a flat percentage of your HST-inclusive revenue — 8.8% for service businesses, 4.4% for retail and wholesale — and keep the difference. The trade-off is giving up ITCs on most expenses.

Who comes out ahead on it?

Businesses with high labour and low expenses — trades, consultants — because the forfeited ITCs are small next to the spread. The default $120,000 service business keeps $1,567 more; a business with heavy input costs can do better filing regular. Run both with your real ITC number.

What is the 1% credit?

The quick method grants a 1% rate reduction on the first tranche of each year's revenue — worth $300 at the calculator's default — and it only applies while the election is in place. Toggle it off to see the comparison without it.

How do I switch to the quick method?

You must elect it with CRA on form GST74 before you file — it is not automatic, and eligibility has limits. Confirm the election and its timing with your accountant before building the savings into cash flow.

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