The basic concept of the quick method of accounting for GST/HST is best described as follows:
◦ The quick method allows a small company to pay as little tax as possible.
◦ Only small companies with total sales of less then $150,000 can use the quick method.
◦ A small company with large capital purchases should always avoid using the quick method.
◦ A smaller company will remit about as much tax as they would if detailed records were maintained.