TaxTips.ca
Canadian Tax and
Financial Information
Detailed Canadian Income Tax Calculator

TaxTips.ca does not research or endorse any product   or service appearing in ads on this site.  Before making a major financial decision you  should consult a qualified professional.

Looking for US tax information?
See
USTaxTips.net

Need an accounting, tax or financial advisor? Look in our Business Directory.    

Home
What's New
Calculators
Personal Tax
Business
Sales Taxes
Free in 30!
Financial Planning
RRSP RRIF TFSA
Real Estate
Stocks Bonds etc.
Seniors
Disabilities
Canada
Alberta
British Columbia
Manitoba
Ontario
Quebec
Saskatchewan
Atlantic Provinces
Territories
Federal Budget
Provincial Budgets
Statistics etc.
Glossary
Site Map
Business Directory
Advertise With Us
Contact Us/About Us
Links & Resources


Calculators > Canadian income tax planning calculator

Detailed Canadian Income Tax and RRSP Savings Calculators

Note re Internet Explorer:  You may have to use compatibility view to view the Tax Calculators properly.  If you see a blank screen, but find the calculator is there when you scroll down, try compatibility view.  Or, you could try Chrome or Firefox.  Chrome seems to load pages faster, and doesn't have a "back button" problem.

Sponsored Advertisement

The detailed Canadian income tax calculator (select below) works for all provinces and territories except Québec (which has its own calculator). 

Canadian Income Tax Calculator for 2013 and 2014

Canadian Income Tax Calculator for 2013 and 2014 - New Format - this version will retain your data, so if you are on a public computer, click reset to clear the data before you close the browser.  

If you want the information to be retained, ensure that your browser is set appropriately:

bullet

Internet Explorer ( IE) - Tools, Internet Options, Privacy, Advanced - make sure that "always allow session cookies" is checked.

bullet

Chrome - Settings, Advanced Settings, Privacy, Content settings, Allow local data to be set.

bullet

Firefox - Tools, Options, Privacy - under History where it says "Firefox will:", change to "Use custom settings for history".  Then make sure that "Accept cookies from sites" is checked.  Accept third-party cookies - this setting doesn't matter.  Keep until - this should be set to "they expire" or "ask me every time".

New feature Oct 2013:  Near the bottom of the calculator there is a line where the user can select from a list of refundable tax credits, and input the amount of the tax credit, as a negative amount.  The correctness of the input is not checked.

 

Prior year income tax calculators:

Canadian Income Tax Calculator for 2012   New Format-> Canadian Income Tax Calculator 2012

Canadian Income Tax Calculator for 2011

Canadian Income Tax Calculator for 2010

Canadian Income Tax Calculator for 2009

Canadian Income Tax Calculator for 2008

The income tax calculator includes most available deductions and tax credits, and pension splitting.  It is a tax planning tool and financial planning tool, but will not actually file your tax return for you.  It will be especially useful as a tax planning tool for those who have some control over their income, such as

bullet people making RRIF/RRSP withdrawals
bullet incorporated business owners
bullet investors trying to decide between investments which produce capital gains, Canadian dividends, or other investment income

The calculator includes links to information on many of the non-refundable tax credits.  The links open in the same window, replacing the calculator, but when the browser Back button is clicked, the previously entered information is still available in the calculator.  To open the links in a new window, right-click on the link, and select "Open in New Window".

Features:

bulletincludes tax rates known as of the date shown in the calculator.
bullet calculates taxes for both spouses
bullet calculates alternative minimum tax using available information
bullet shows savings from RRSP deductions, and marginal tax rate (when RRSP deduction amount is entered)
bullet calculates CPP and EI premiums on employment and self-employment (CPP only) income
bullet option to indicate that employment earnings are not subject to EI premiums (useful for incorporated business owners earning employment income)
bullet calculates OAS clawback and EI clawback
bullet allows pension splitting
bullet child care costs are now entered separately from other deductions.
bullet interest expense and other deductions can be entered in "other deductions" line
bullettax credits calculated:
bullet basic personal amount
bullet spouse or common-law spouse
bullet equivalent to spouse, including dependent child or other eligible dependent  
bullet children under 18 (SK under 19), with option to choose which spouse claims this amount
bullet children under 6 (some provinces/territories)
bullet pension credit
bullet age amount - this is reduced above certain income thresholds
bullet disability tax credit
bullet public transit tax credit (Federal and YT)
bulletNL child care costs tax credit
bullet child fitness tax credit (Federal, MB, NS, & YT)
bullet children's arts tax credit (Federal & MB)
bullet ON children's activity tax credit
bullet SK active families benefit
bullet NS healthy living tax credit
bullet Home renovation tax credit - available for 2009 only
bullet First-time homebuyers' tax credit
bulletOntario healthy homes tax credit - refundable
bulletBC seniors' home renovation tax credit - refundable
bulletBC sales tax credit - started again in 2013 re return of PST
bullet medical expense tax credit
bullet donations tax credit - will alert you if your donations exceed 75% of net income, or if all donations not utilized
bullet dividend tax credits
bullet tuition, education and textbooks, student loan interest
bullet Working income tax benefit (WITB) - Note:  you are required to indicate in the calculator if you are eligible for the WITB.  If you indicate that you qualify, the calculator will determine the amount you will receive, if any, based on your income.  Read the article on the WITB (above link) to determine if you qualify.
Sponsored Advertisement

The article on the pension income tax credit explains how pension splitting can result in a pension tax credit for the spouse receiving the transferred pension.

If you want to compare different scenarios, come back to this page to open the calculator a second time (right click the link, and select open in new window), and compare them side by side.

To see the current tax rate tables for each province, go to the Tax Rates page and click on the link for your province, or go to the marginal tax rates page.

Basic Tax Calculator

If you are looking for a more simple tax calculator, see our Basic Canadian Income Tax Calculator, where you input your income from capital gains, Canadian eligible and non-eligible dividends, and other income, in order to see the taxes payable for a single person.

See topics and glossary items related to the Canadian Tax Calculator:

bullet Alternative minimum tax (as it relates to eligible Canadian dividends)
bullet Capital gains and losses
bullet CCPC
bullet CPP and EI premiums, and EI clawback
bullet Employment income
bullet Foreign income and other amounts - reporting them on your tax return
bullet Marginal tax rate
bullet Non-taxable amounts
bulletPension splitting
bullet Personal tax credits (except  Québec)
bullet RRSP Deduction
bullet Taxable Income, Net Income and Total Income

Check out our other calculators.

 

Revised: March 16, 2014

 

Feel free to link to the Calculators page at www.TaxTips.ca/calculators.htm from your website.

 

Copyright © 2002 - 2014 Boat Harbour Investments Ltd. All Rights Reserved  See Reproduction of information from TaxTips.ca

Facebook | Twitter | Google + | Monthly Newsletter Sign-up | What’s New E-mail Notification | RSS News Feed
The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage. See our Business Directory for tax, accounting and finance-related firms in your area.
Please see our legal disclaimer regarding the use of information on our site, and our Privacy Policy regarding information that may be collected from visitors to our site.