16K income last year and full time student and CRA assessment made the CPP exempt (CPP refund as well-carry forward increased by the CPP amount. Should I make exempt?

Answer

Ok I'm answering this question while in Venice Italy, just so you know!

Short answer is yes, you probably won't have tax on taxable income.
This is because you personal credit and Tuition Credit are enough to pay the the tax that would be due from your income.

A slight embellishment. You are not exempt from paying tax, no one is except our glorious queen, Elizabeth II, Deo Gratiius.

Exemption is a word only used in connection with certain types of income, which are:
-amounts not subject to tax , such as Lottery winnings(why?)
-amounts that have already been taxed, such as a foreign pension from India.
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