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2. Courtney operates a souvenir gift shop in Ontario. Her business is registered for the Quick Method of calculating ITCs. Her HST-taxable sales were
2. Courtney operates a souvenir gift shop in Ontario. Her business is registered for the Quick Method of calculating ITCs. Her HST-taxable sales were $185 000 for the year. HST- taxable purchases of goods for resale were 47% of sales. In addition, Courtney paid $48 000 in purchases and expenses, which included $42 000 for salaries and insurance. a. Calculate how much HST Courtney remitted to the CRA when using the Quick Method. b. If she had not chosen to use the Quick Method of calculating ITCs, how much HST would she have to remit? L 42 2. Courtney operates a souvenir gift shop in Ontario. Her business is registered for the Quick Method of calculating ITCs. Her HST-taxable sales were $185 000 for the year. HST- taxable purchases of goods for resale were 47% of sales. In addition, Courtney paid $48 000 in purchases and expenses, which included $42 000 for salaries and insurance. a. Calculate how much HST Courtney remitted to the CRA when using the Quick Method. b. If she had not chosen to use the Quick Method of calculating ITCs, how much HST would she have to remit? c. What is the difference in remittances under the two methods? Ontario for the past several years. On
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