Would my parents benefit more if I claim as a dependant or independent?

[mktngyn]

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!

[TomD8]

The only issue is whether or not your parents can claim you as a dependent.  If they can, you must indicate that fact on your own tax return - whether they actually do claim you or not.  And if they can claim you, you lose your own personal exemption.  (Your parents would get your personal exemption on their return if they claim you.)

At age 20 and being a full-time student living with them, and with you almost certainly not providing more than half of your own support and you not filing a joint return with someone else, they certainly can claim you as a dependent.