I'm currently a 20 year old full-time postsecondary student that lives at home with my parents, however I don't pay them rent. I made around $4900 from my part-time job; the rest of my income are from student loans, grants or bursaries and from my parents' support.
Together, the family income is ~$75,000 with ~$9,500 income tax already paid.
So my question is whether we would get a higher return/reduction/lower tax payment if I filed independently and receive our own reductions or if my parents filed me as an dependent and use my credits towards their taxes?
This is going to be my first time filing taxes at home, so I appreciate any tips or advice. Thanks in advance for the help!
