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Lola is a fourth-year student at Concordia in computer science. It is December 16,2023, and...

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Accounting

Lola is a fourth-year student at Concordia in computer science. It is December 16,2023, and she is hearing the buzz of year-end tax planning. She has never filed a tax return and knows if she does, she has until April 30,2024, to file. At age 22, she is wondering if she needs to file and/or why she should.
Which statements are accurate for reasons for her to file?
I. Will always receive a tax refund.
II. May be eligible to receive the Goods and Services Tax (GST) credit.
III. May be eligible to claim a non-refundable tax credit for tuition (even if the tuition tax credit is not used in the year to reduce taxes, Canada Revenue Agency (CRA) will be made aware of these credits to carry forward for use in future years).
IV. May be eligible to claim a non-refundable tax credit for interest on qualifying student loans (even if the interest is not claimed, it can be carried forward to any of the following five years)
V. May be eligible to claim a deduction for moving expenses.
VI. May be eligible to build up Registered Retirement Savings Plan (RRSP) contribution room if there is earned income.
Select one:
a.1, II, IV, and VI
b. II, III, IV, V, and VI O c.1, IlI, IV, V, and VI
d. All the responses
O e. I, II, III, IV, and VI

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