TaxTips.ca Investment Income Tax Calculator

TaxTips.ca Calculators -> Investment Income Tax Calculator information page  Note:  This calculator will retain data.  Click Reset before closing if using on a public computer.  Best viewed & printed in Firefox or Vivaldi.
Investment Income Tax Calculator
Illustration of the Effect of Different Investment Income Types
Tax Year
    Taxes Payable
Taxpayer Information   Taxes Before Clawback
Province of Residence
Clawback Payable
Birth Year
Total Taxes Payable
After-tax Income
Income Actual Taxable   Try shifting income from other income to Canadian eligible or non-eligible dividends, and see the difference in taxes payable, even when the OAS clawback might increase.

Enter above results below, shift some income, and see the difference.
Old Age Security
CPP
Capital Gains
Enter the actual amount of capital gains in excess of losses.
Canadian Eligible Dividends
Enter the actual amount of dividends.
Canadian Non-Eligible Dividends
    Enter the actual amount of dividends.   Previous Calculation Results
RRSP/RRIF Withdrawals
Taxes Before Clawback
Only include RRIF withdrawals if age is less than 65.
Clawback Payable
  Other Income   Total Taxes Payable
Include interest and foreign dividends, etc.
After-tax Income
Pension Income Eligible for Pension Tax Credit
 
    This would include RRIF withdrawals when age is 65+.   Differences
Pension income not eligible for pension tax credit should be in other income.
Taxes Before Clawback
Clawback Payable
Less OAS Clawback
Total Taxes Payable
Actual and Taxable Income
After-tax Income
If income is moved from "other income" to Canadian dividends, total taxes will be reduced even as the OAS clawback increases.
This calculator includes the same taxes and tax credits as the detailed Canadian Tax Calculator.
Calculations are based on rates known as of May 17, 2021.
TaxTips.ca Investment Income Tax Calculator
Illustration of the Effect of Different Investment Income Types
Tax Year     Taxes Payable
Taxpayer Information   Taxes Before Clawback
Province of Residence
Clawback Payable
Birth Year
Total Taxes Payable
After-tax Income
Income Actual Taxable   Previous Calculation Results
Old Age Security
Taxes Before Clawback
CPP
Clawback Payable
Capital Gains
Total Taxes Payable
Canadian Eligible Dividends
After-tax Income
Canadian Non-Eligible Dividends
  RRSP/RRIF Withdrawals   Difference  
  Other Income   Taxes Before Clawback
Pension Income Eligible for Pension Tax Credit
Clawback Payable
Less OAS Clawback
Total Taxes Payable
Actual and Taxable Income
After-tax Income

Tax Tip: Don't avoid Canadian dividends because of the OAS clawback - they are more tax-efficient than most other income, and can reduce your taxes even though your clawback is increasing!

Questions or comments on the Investment Income Tax Calculator? 
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Revised: June 06, 2021

 

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