The Quick Method of Accounting is a simplified way for eligible small businesses to calculate the GST/HST they remit. Instead of tracking and claiming input tax credits on most purchases, a business using the Quick Method remits only a prescribed portion of the tax it collects, which can save time and, for some businesses, money.
A business can still claim input tax credits for capital purchases while using the Quick Method. The election to use it — and to revoke it — is made on the prescribed CRA form or through the CRA's online services; a revocation generally takes effect after the method has been in place for at least a year. Eligibility depends on a revenue limit and the nature of the business, so it is worth confirming the conditions before electing.