2019 Tax Comparison of Canadian Dividends vs Interest

The tables on this page compare taxes payable by province/territory in 2019 for three different types of investment income:

- Canadian eligible dividends

- Canadian non-eligible Canadian dividends, and

- other investment income such as foreign dividends and interest.

The calculations assume that the income is earned by a single person, and that there is no other type of income included in taxable income. The tax rates used are as known on July 24, 2019. The total taxes payable include any alternative minimum tax, where applicable.

Taxes Payable on Eligible Dividends

Note: Eligible dividends gross-up % is 38%, as it has been since 2012.

Actual Eligible Dividends	Taxable Income	Total Federal + Provincial Income Taxes Payable (Refundable) in 2019
Actual Eligible Dividends	Taxable Income	AB	BC	MB	NB	NL	NS	NT	NU	ON	PE	QC	SK	YT
$30,000	$41,400	$0	$0	$289	$0	$768	$0	$(680)	$(828)	$450	$0	$776	$0	$0
50,000	69,000	0	0	1,600	0	3,679	1,778	(942)	(1,380)	600	246	1,967	0	0
60,000	82,800	1,568	1,554	4,554	1,806	7,152	4,701	734	176	2,377	2,913	4,175	1,730	1,651
80,000	110,400	4,798	4,775	10,476	5,180	13,502	10,380	4,029	3,506	5,852	8,001	10,129	5,058	4,931
100,000	138,000	7,787	7,765	16,055	8,162	19,512	15,750	7,016	7,455	9,534	12,694	16,689	8,043	7,918

Taxes Payable on Non-Eligible Dividends

Note: Non-eligible dividends gross-up % is 15% in 2019.

Actual Non-eligible Dividends	Taxable Income	Total Federal + Provincial Income Taxes Payable in 2019
Actual Non-eligible Dividends	Taxable Income	AB	BC	MB	NB	NL	NS	NT	NU	ON	PE	QC	SK	YT
$15,000	$17,250	$0	$(30)	$610	0	0	0	$(378)	$(345)	$0	0	$65	$0	$0
30,000	34,500	1,010	778	2,701	1,503	1,224	1,594	(344)	(441)	549	1,888	1,954	1,025	891
50,000	57,500	4,725	3,851	7,369	5,923	5,691	6,382	1,309	1,538	3,803	6,348	6,414	4,829	4,007
60,000	69,000	6,944	5,830	10,065	8,630	8,475	9,307	2,543	3,132	5,796	9,085	9,258	7,199	6,097
80,000	92,000	11,380	10,084	16,450	14,160	14,162	15,123	5,740	6,683	10,339	14,934	15,161	11,939	10,276
100,000	115,000	16,902	16,193	23,995	21,050	20,814	22,174	10,889	11,876	17,310	21,867	22,861	17,763	15,915

Taxes Payable on Other Income (foreign dividends, interest, etc.)

Interest Income	Taxable Income	Total Federal + Provincial Income Taxes Payable in 2019
Interest Income	Taxable Income	AB	BC	MB	NB	NL	NS	NT	NU	ON	PE	QC	SK	YT
$15,000	$15,000	$440	$365	$898	$440	$440	$449	$101	$140	$440	$662	$368	$440	$627
30,000	30,000	3,753	3,535	4,890	4,321	4,481	4,369	3,049	2,650	3,970	4,732	5,232	4,153	3,837
50,000	50,000	8,884	8,056	10,518	10,048	10,071	10,595	7,300	6,319	8,661	10,543	11,157	9,480	8,309
60,000	60,000	11,934	10,876	13,843	13,580	13,771	14,208	10,110	8,869	11,626	13,973	14,950	12,780	11,259
80,000	80,000	18,034	16,516	20,931	20,644	21,234	21,721	15,870	14,069	17,755	21,298	22,573	19,380	17,159
100,000	100,000	24,393	23,053	28,771	28,219	28,854	29,472	22,444	20,012	24,963	29,015	30,911	26,239	23,410

Notes re all three tables:

	BC includes no MSP premiums payable for 2020 based on 2019 income, because MSP premiums are eliminated in 2020.
	Ontario - includes Ontario Health Premium.
	QC includes contribution to the health services fund and prescription drug insurance plan premiums.
	QC taxes are net of tax credit for person living alone.

To see the tax results for your own income situation, and how it would change if the type of investment income changes, use our Detailed Canadian Income Tax and RRSP Savings Calculators, or our very simple Investment Income Tax Calculator.

TaxTips.ca Resources

Tax Comparison of Investment Income for Seniors

Tax Comparisons of Taxes Payable on Employment Income by Province and Territory

Tax Tip: Interest and foreign dividends are not as tax-efficient as Canadian dividends!

Revised: October 26, 2023