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You may need a new cartridge, that error says the ink cartridge is wrong or not installed properly. If it's a refilled cartridge it won't work, if it's a new canon cartridge, they warranty for 30 days from date of purchase.
On the canon MX300, holding the "reset" button down for about 10 seconds will extinguish the alarm light & should normalize all functions. The ink level will still indicate "low" , just ignore it.
Ink has run out.
Replace the ink cartridge and close the Scanning Unit (Printer Cover).
If printing is in progress and you want to continue printing,press the Stop/Reset button for at least 5 seconds with the inkcartridge installed. Then printing can continue under the ink outcondition.
The function for detecting the remaining ink level will be disabled.
Replace the empty ink cartridge immediately after the printing.The resulting print quality is not satisfactory, if printing iscontinued under the ink out condition.
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source : http://support-au.canon.com.au/contents/AU/EN/8200172900.html#6 SAM ANDERSON