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Tax Comparison Investment Income 2020 - Dividends vs Interest
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Canadian Tax and
Financial Information
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- 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 April 18, 2020. The total taxes payable include
any alternative minimum tax, where applicable.
Taxes Payable on Dividends Eligible for the Enhanced Dividend Tax Credit
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 2020
AB
BC
MB
NB
NL
NS
NT
NU
ON
PE
QC
SK
YT
$30,000
$41,400
$0
$0
$253
$0
$741
$0
$(680)
$(828)
$450
$0
$788
$0
$0
50,000
69,000
0
0
1,564
0
3,253
1,778
(942)
(1,380)
600
163
1,957
0
0
60,000
82,800
1,371
1,358
4,238
1,595
6,204
4,489
531
(27)
2,176
2,618
4,023
1,523
1,449
80,000
110,400
4,676
4,651
10,267
5,091
12,579
10,291
3,922
3,364
5,756
7,830
9,906
4,959
4,820
100,000
138,000
7,665
7,641
15,846
8,073
18,470
15,661
6,909
7,276
9,257
12,524
16,488
7,943
7,807
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 2020
AB
BC
MB
NB
NL
NS
NT
NU
ON
PE
QC
SK
YT
$15,000
$17,250
$0
$(30)
$588
0
0
0
$(378)
$(345)
$0
0
$33
$0
$0
30,000
34,500
836
589
2,490
1,288
1,043
1,420
(518)
(615)
375
1,631
2,050
851
703
50,000
57,500
4,501
3,586
7,108
5,638
5,240
6,158
1,084
1,275
3,706
6,041
6,610
4,605
3,744
60,000
69,000
6,719
5,565
9,803
8,345
7,824
9,082
2,318
2,869
5,734
8,778
9,536
6,974
5,834
80,000
92,000
11,156
9,763
16,116
13,847
13,202
14,898
5,418
6,397
10,242
14,627
15,558
11,714
10,013
100,000
115,000
16,579
15,695
23,563
20,639
19,656
21,851
10,469
11,480
17,151
21,462
23,323
17,441
15,520
Taxes Payable on Other Income (foreign dividends, interest, etc.)
Interest
Income
Taxable
Income
Total Federal +
Provincial Income Taxes Payable in 2020
AB
BC
MB
NB
NL
NS
NT
NU
ON
PE
QC
SK
YT
$15,000
$15,000
$266
$191
$701
$266
$266
$275
$(84)
$(34)
$266
$406
$222
$266
$439
30,000
30,000
3,579
3,317
4,693
4,107
4,299
4,195
2,858
2,463
3,786
4,476
5,058
3,979
3,649
50,000
50,000
8,659
7,790
10,257
9,763
9,820
10,371
7,036
6,055
8,392
10,236
10,905
9,255
8,047
60,000
60,000
11,709
10,610
13,582
13,295
13,320
13,983
9,846
8,605
11,357
13,666
14,689
12,555
10,997
80,000
80,000
17,809
16,250
20,597
20,359
20,374
21,496
15,606
13,805
17,459
20,991
22,313
19,155
16,897
100,000
100,000
24,071
22,590
28,339
27,808
27,796
29,149
22,023
19,617
24,459
28,601
30,508
25,917
23,014
Notes re all three tables:
- 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.
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