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Tax tipJanuary 27, 2004 File for your childDid you know... Filing tax returns for your children can be very beneficial to them down the road. If your child has taxable income of less than $7,756, there is no federal tax to pay. However, by filing a return to report your child's earned income for RRSP purposes, you will be building up the Registered Retirement Savings Plan (RRSP) contribution limit that can be used in the future. In addition, if your child is over the age of 18, they may be entitled to the goods and services tax/harmonized sales tax (GST/HST) credit. The only way to receive this benefit is to file a return. For more information, visit http://www.cra.gc.ca/iis and select "G" from the drop down menu for GST/HST credit. This document is also available for download in .pdf format. |
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