Quick Method Hst Calculator 2019 Ontario
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Reviewed by Calculator Editorial Team
This calculator helps you determine the Harmonized Sales Tax (HST) for Ontario businesses using the quick method for 2019. The quick method is a simplified approach to calculating HST that can be used when certain conditions are met.
How to Use This Calculator
To use this calculator, follow these simple steps:
- Enter the total sales amount for the period in the "Total Sales" field.
- Select the applicable HST rate from the dropdown menu. For 2019, the standard rate was 13%.
- Click the "Calculate" button to compute the HST amount.
- Review the result and any applicable assumptions.
The calculator will display the calculated HST amount and provide a breakdown of how it was determined.
Formula Explained
The quick method for calculating HST in Ontario uses the following formula:
HST Calculation Formula
HST Amount = Total Sales × HST Rate
Where:
- Total Sales is the total amount of taxable sales for the period.
- HST Rate is the current Harmonized Sales Tax rate (13% for 2019).
The result is the amount of HST that should be remitted to the government.
Worked Example
Let's walk through an example to demonstrate how the calculator works.
Example Scenario
A small business in Ontario had total sales of $50,000 for the month of January 2019. The applicable HST rate was 13%.
Calculation Steps
- Enter $50,000 as the Total Sales amount.
- Select 13% as the HST Rate.
- Click Calculate.
Result
The calculator will display:
HST Amount
This is 13% of $50,000 total sales.
This means the business owes $6,500 in HST for January 2019.
Frequently Asked Questions
What is the quick method for HST calculation?
The quick method is a simplified approach to calculating HST that can be used when certain conditions are met, such as when the business has no inventory or when the business is a small retailer.
What is the current HST rate in Ontario?
As of 2019, the standard HST rate in Ontario was 13%. This rate may have changed in subsequent years.
When should I use the quick method?
The quick method is appropriate when the business meets specific criteria, such as having no inventory or being a small retailer. Consult the Canada Revenue Agency guidelines for the most current requirements.
How often should I calculate HST?
HST should be calculated and remitted on a regular basis, typically monthly or quarterly, depending on your business's needs and the requirements of the Canada Revenue Agency.