News and Insights

CRA Guides RC4058

Tax Development Jan 21, 2008

“Quick Method of Accounting for GST/HST” and RC4247, “The Special Quick Method of Accounting for Public Service Bodies”

Effective January 1, 2008, the GST rate was reduced from 6% to 5%, andthe HST rate from 14% to 13%. The agency has revised these two guides to reflect the new rates of GST/HST. In addition, the new Quick Method and the new Special Quick Method remittance rates have been included in these guides.