Understanding the two main types of tax credits

Non-refundable tax credits help lower the amount of tax you owe. For example, credits may be applied for eligible charitable donations and gifts.

Refundable tax credits can reduce your tax payable as well, and in some cases, they may be issued even if you do not owe any taxes.

These benefits are designed to assist with a variety of everyday expenses, including child-related costs, housing, income support, and certain healthcare expenses.

Tax filing applies to all ages and professions

Age does not affect your obligation to file a tax return. Whether you are 9 or 90, if you meet the filing requirements, the CRA expects you to submit a return.

Students are not exempt from filing either. For example, a student entrepreneur who earns more than $3,500 (after expenses) from running a small business must file a tax return, even while attending school. In fact, all working minors should begin filing tax returns as soon as they start earning income.

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