Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lola is a fourth-year student at concordia in comp

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

50.1K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1) Provide one full APA page of text (minimum) that identifies your company, it's primary products,...

Finance
Q

Discuss the mechanisms of permeability and hydraulic gradients and their effect on groundwater movement.

Civil Engineering
Q

Discuss the implications of the following statement: “…We came to believe that quality of care in...

General Management
Q

13 Assertion when the object moves with a velocity 2 metre per second its image...

Physics
Q

Use the Rational Zero Theorem to find a rational zero of the function f(x) =...

Geometry
Q

You want to know if a chiropractor or an acupuncture treatment actually improves blood pressure...

Statistics
Q

About 41 of students at a large local high school are part of at least...

Statistics
Q

Complete this question by entering your answers...

Accounting
Q

do it asap 1. During the financial crisis and afterwards gold prices skyrocketed. Discuss...

Accounting
Q

Based on the following information, compute cash flows from financing activities under GAAP. Purchase of...

Accounting
Q

a) On 1 June 2022 Global Ltd purchased goods from a foreign country for Z\$32,400....

Accounting
Q

The first picture does need homework help, but i did not mean to post it...

Accounting