Flashcards in Quiz 13 Deck (3)
Loading flashcards...
1
Q
What is an Input Tax Credit?
A
HST remittance credit equal to HST spent on business expenses
2
Q
Why is the Quick Method quick?
A
Because you SKIP ITCs, and use GUESTIMATE PERCENTAGE (8.8%)
3
Q
Who benefits from Quick Method?
A
RMTs with LOW BUSINESS EXPENSES
split esp