Never Too Young To File | FBC, Canada's Farm & Small Business Tax Specialist

Never Too Young To File

As odd as this may sound, youngsters who earn casual income might benefit from filing tax returns. Although the income from a paper route or part-time summer work might not be enough to generate taxes, it does qualify as earned income for RRSP purposes. Reporting this income annually builds RRSP contribution catch-up room that will be valuable when the individual becomes a full-time worker.

"Wealth after all is a relative thing since he that has little and wants less is richer than he that has much and wants more." — Charles Caleb Colton