Your teen has a job super! You are thinking 'wonderful', no more bugging me to purchase a candy bar at the grocery check-out counter. You may also be thinking they can meet you half way for those expensive designer jeans they want. But have you once thought, 'wonderful', my teen can file their own tax return then list off to them the benefits of doing so? I'm betting that thought has never crossed your mind and why should it? Kids don't have to file tax returns...do they?
Well, yes, they should!
Important reasons why they should:
1. They will be registered with the government so will not miss out on the first part of their GST when they turn 19.
2. It grows their RRSP Contribution room which can help them when they are older.
3. If taxes were taken off their pay cheques, they will be refunded.
These are some pretty great reasons to have your teens file a tax return.
Do note, any teen whose parent/s file their return with us: www.insyncbookkeepingandtaxprep.ca their return is filed for free!
Comments