Tax on investment income.?

Question

Lets assume last year my only income was $3500 that I earned on an investment. Would I still have to pay income tax on that amount or would I be exempt from paying any tax on $3500 because of the small amount? Thanks in advance.

Answer 1

As long as this is your only source of income, you won't have to pay any tax. But, you might still want to file a return to claim GST cheques.

Answer 2

Assuming you are eligible for the standard deductions, the first $9600 of income would normally be effectively non-taxable.