The Quick Method is a simplified way for eligible smaller businesses to account for GST/HST. Instead of tracking and claiming input tax credits on most purchases, the registrant remits only a prescribed portion of the tax it collects, which can both reduce paperwork and, in some cases, lower the net tax remitted.
A business elects into the Quick Method using the prescribed election form (GST74) or the CRA's online services, subject to a revenue limit. Most input tax credits are unavailable under the method, though credits for capital purchases can still be claimed. Because the result depends on the business's mix of revenue and expenses, the calculation is usually run both ways to see which method is more advantageous.