Parvati is 21 years old and a full-time student at Concordia. She has never filed...
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Accounting
- Parvati is 21 years old and a full-time student at Concordia. She has never filed a personal income tax return but was thinking of doing so for her 2022 income tax returns. She has always lived in Quebec and held summer internships and part-time jobs throughout her studies since she was 18 years old. Her employers have always withheld Federal and Provincial taxes and she has consistently earned $13,000 a year. Which statement reflects the best advice to Parvati regarding her 2022 personal income tax returns?
- Parvati should file her tax returns as she may owe taxes; she may also be entitled to claim certain benefits and credits that may be due to her.
- Parvati should file her tax returns as she may be entitled to refunds; she may also be entitled to claim certain benefits and credits that may be due to her.
- Parvati should file her tax returns as she owes taxes and will have penalties and interest owing as it is past the April 30, 2023, filing deadline.
- Parvati is entitled to refunds. By filing her tax returns, it will allow her to carry forward her tuition non-refundable tax credit to use in future years and to accumulate Registered Retirement Savings Plan (RRSP) contribution room as well as claim certain benefits due to her.
- Parvati can wait until Canada Revenue Agency (CRA) sends her a formal request to file her tax returns.
- Parvati should file her tax returns as she may owe taxes; she may also be entitled to claim certain benefits and credits that may be due to her.
- Parvati should file her tax returns as she may be entitled to refunds; she may also be entitled to claim certain benefits and credits that may be due to her.
- Parvati should file her tax returns as she owes taxes and will have penalties and interest owing as it is past the April 30, 2023, filing deadline.
- Parvati is entitled to refunds. By filing her tax returns, it will allow her to carry forward her tuition non-refundable tax credit to use in future years and to accumulate Registered Retirement Savings Plan (RRSP) contribution room as well as claim certain benefits due to her.
- Parvati can wait until Canada Revenue Agency (CRA) sends her a formal request to file her tax returns.
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