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Feb 03, 2020 4:42 pm
Hello,
While preparing T2, I credited profit from HST quick Method to other income in schedule 125.
Can you confirm if this income is not taxable as I got mixed message from other accountants, some say HST profit from quick method is taxable?
If not taxable which line in Schedule 1 can I claim the tax deduction?
As always thanks for your help!
Nag J
1 Reply
Feb 05, 2020 2:34 pm
'Profit' made from utilizing the Quick Method Election is not taxable.