Self-employment income - Quick methodYou must have made the choice to use the Quick Method of Accounting for the GST/HST.
To learn more about the quick method of accounting and to view some examples, visit the following link;
Note: for Quebec residents, the QST is to be determined in lieu of the HST.
1. On the line for "Gross sales, commissions or fees", you must not include GST/HST collected or collectible.
2. On the line for "Quick method - GST/HST", enter the GST/HST collected or collectible, eligible for the Quick Method of Accounting.
3. On the line for "Quick method - for each applicable remittance rate", you must enter the amount of the GST/HST you have remitted.
4. For expenses, they must be entered with taxes, except eligible capital expenses that must be entered without taxes.
The T2125 will correctly report your gross income before your business expenses on line 8299.
For Quebec residents, TP-80 will show on line 110 the gross income including GST and QST taxes, while on line 114 the amount you have paid will be entered. Finally, on line 120, the amount shown will represent your gross income before your business expenses.
For more information, please visit the following link:
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4002.html
For Quebec residents, we suggest that you consult the "Business and Professional Income" guide, published by Revenu Québec. You can visit the following link:
https://www.revenuquebec.ca/en/online-services/forms-and-publications/current-details/in-155-v/
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Webpage: KPA320-20200831131043NA.htm