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2022 Tax Comparison of Canadian Dividends vs Interest
The tables on this page compare taxes payable by province/territory in 2022 for three different types of investment income:
Canadian non-eligible Canadian dividends, and
other investment income such as foreign dividends and interest.
All tables use the final 2022 tax rates.
The calculations assume that:
 | the income is earned by a single person, and |
| there is no other type of income included in taxable income. |
Notes:
| The Climate Action Incentive (CAI) is not included. |
| ON provincial tax includes Ontario Health Premium. |
| QC total tax is net of the refundable federal tax abatement. |
| QC provincial tax includes progressive health contribution and prescription drug premiums (for both spouses in married person case). |
Taxes Payable on Eligible Dividends
Note: Eligible dividends gross-up % is 38%, as it has been since 2012.
The NT & NU refundable amounts are from their cost of living tax credits.
| Taxes on Eligible Dividends | ||||
|---|---|---|---|---|
| Actual | $20,000 | $70,000 | $120,000 | $200,000 |
| Taxable | 27,600 | 96,600 | 165,600 | 276,000 |
| AB | 0 | 3,029 | 12,313 | 33,702 |
| BC | 0 | 3,003 | 10,485 | 28,750 |
| MB | 0 | 7,177 | 21,118 | 46,615 |
| NB | 0 | 3,461 | 10,904 | 32,208 |
| NL | 0 | 8,517 | 23,030 | 52,567 |
| NS | 0 | 7,468 | 21,425 | 49,823 |
| NT | (507) | 2,283 | 9,746 | 24,956 |
| NU | (552) | 1,725 | 11,192 | 33,015 |
| ON | 300 | 4,123 | 14,056 | 40,056 |
| PE | 0 | 5,223 | 16,943 | 38,810 |
| QC | 752 | 6,408 | 22,616 | 51,702 |
| SK | 0 | 3,324 | 11,221 | 30,205 |
| YT | 0 | 3,179 | 10,646 | 25,898 |
Taxes Payable on Non-Eligible Dividends
Note: Non-eligible dividends gross-up % is 15%, as it has been since 2019.
The NT & NU refundable amounts are from their cost of living tax credits.
| Taxes on Non-Eligible Dividends | ||||
|---|---|---|---|---|
| Actual | $20,000 | $70,000 | $120,000 | $200,000 |
| Taxable | 23,000 | 80,500 | 138,000 | 230,000 |
| AB | 0 | 8,627 | 21,862 | 50,165 |
| BC | 0 | 7,225 | 21,772 | 53,438 |
| MB | 1,208 | 12,462 | 30,681 | 64,394 |
| NB | 0 | 10,495 | 26,919 | 60,691 |
| NL | 0 | 10,315 | 26,224 | 58,732 |
| NS | 325 | 11,740 | 28,642 | 63,218 |
| NT | (450) | 3,371 | 15,169 | 40,820 |
| NU | (460) | 4,236 | 16,270 | 42,435 |
| ON | 180 | 7,567 | 23,600 | 56,849 |
| PE | 653 | 12,473 | 30,443 | 64,454 |
| QC | 404 | 13,224 | 32,752 | 68,880 |
| SK | 281 | 10,331 | 25,295 | 55,502 |
| YT | 396 | 8,793 | 22,960 | 52,319 |
Taxes Payable on Other Income - (foreign dividends, interest, etc.)
| Taxes on Other Income | ||||
|---|---|---|---|---|
| Actual | $20,000 | $70,000 | $120,000 | $200,000 |
| Taxable | 20,000 | 70,000 | 120,000 | 200,000 |
| AB | 859 | 14,449 | 30,777 | 62,782 |
| BC | 840 | 13,111 | 29,616 | 64,454 |
| MB | 1,876 | 16,588 | 36,411 | 72,631 |
| NB | 942 | 16,269 | 35,522 | 72,581 |
| NL | 841 | 16,457 | 35,577 | 71,807 |
| NS | 1,539 | 17,487 | 37,400 | 75,450 |
| NT | 687 | 12,359 | 29,034 | 62,060 |
| NU | 566 | 10,819 | 26,034 | 56,643 |
| ON | 1,221 | 13,977 | 32,369 | 69,376 |
| PE | 1,348 | 16,883 | 36,891 | 73,887 |
| QC | 1,469 | 18,149 | 39,334 | 78,752 |
| SK | 1,196 | 15,500 | 33,078 | 66,705 |
| YT | 1,199 | 13,504 | 29,704 | 61,640 |
Tax Tip: Interest and foreign dividends are not as tax-efficient as Canadian dividends!
Revised: September 20, 2024