Over the weekend we came across an interesting article in the Globe and Mail. There are some major advantages for having your children file their taxes at an early age.
- When they file a tax return they will create valuable RRSP contribution room for when they begin working full-time upon graduation.
- If they are full-time students and have no income at all, they can begin receiving quarterly GST refunds starting at the age of 19.
- Parent’s who are small business owner’s stand to reap the greatest benefits.
For the full story: http://www.theglobeandmail.com/globe-investor/personal-finance/tax-matters/have-you-had-the-tax-talk-with-your-teen/article1438526/
