Quick Method of Accounting for Small Businesses

Canadian Tax Essentials: Personal & Corporate · 3:41

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Lyrics

[Verse 1]
Small business owner with sales below the line
Four million threshold keeps your method fine
Instead of tracking every input credit
Quick method makes your GST submitted
Choose your rate based on your business type
Service or retail, get your percentage right

[Chorus]
Quick and simple, that's the way
Calculate your GST today
Take your sales, multiply the rate
Input credits you don't calculate
Quick method, saves you time
Keep your business books in line

[Verse 2]
Service business gets eleven percent rate
Retail and wholesale, different numbers wait
Manufacturing sits at seven and a half
Construction gets six, check the calculation path
Your taxable supplies times the quick rate
Minus GST collected, that's what you remit straight

[Chorus]
Quick and simple, that's the way
Calculate your GST today
Take your sales, multiply the rate
Input credits you don't calculate
Quick method, saves you time
Keep your business books in line

[Bridge]
But remember the limitations here
Large purchases need regular method clear
Over ten thousand for equipment bought
Quick method benefit comes to naught
Real estate and financial don't apply
Choose your method, keep compliance high

[Verse 3]
File your return with your quick rate math
HST provinces follow the same path
Ontario adds eight more to the base
Nova Scotia doubles, know your place
Annual election, make your choice
Let the quick method be your accounting voice

[Chorus]
Quick and simple, that's the way
Calculate your GST today
Take your sales, multiply the rate
Input credits you don't calculate
Quick method, saves you time
Keep your business books in line

[Outro]
Small business owners, take control
Quick method keeps you on your goal
Simplified taxes, peace of mind
Leave the complex math behind

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