Even If You Have No Tax to Pay It Is

question 130

Multiple Choice

Even if you have no tax to pay it is beneficial to file a tax return because

• A)you can make use of non-refundable tax credits during the year.
• B)you may be eligible for Employment Insurance benefits.
• C)you may be eligible for a tax-free refundable GST/HST credit.
• D)it is required by law, if you are over 18.

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Definitions:

Loan Liability

A financial obligation representing money borrowed by one party from another, requiring repayment with interest.

Foreign Exchange Rate

The rate or price at which one currency can be exchanged for another, influencing international trade and investment.

Interest

The cost of borrowing money or the income earned from lending money, usually expressed as a percentage of the principal.

Exchange Rates

The value of one currency expressed in terms of another currency, used in international transactions and foreign exchange markets.