Quiz 13 Flashcards Preview

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Flashcards in Quiz 13 Deck (3)
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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