GST Quick Method

If your business is not in a prohibited category and has less than $400K in annual revenue, you may be able to add thousands of dollars into your bank account each year by using the Quick Method of calculating GST.

If you sell physical products, and your COGS/Sales is at least 40%, enter your sales to Non-participating provinces, sales to Ontario customers, and sales to customers in the Atlantic provinces, in the yellow cells - with GST/HST included. Next, enter your COGS and other purchases on which you paid GST, with GST/HST included.

If you sell services, COGS does not apply, so just enter the sales numbers and purchases with GST/HST included.