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Canadian Income Tax Calculator 2015

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There are big savings for filing on time even if you can't pay all your taxes right away.

Find out how much 2015 income tax you owe in Canada in one easy step.

If you would like to know the income tax for 2014, 2013, 2012, 2011, 2010 or 2009 see our

Don't forget to file your taxes on time. There are big savings by filing on time, even if you can't pay all your taxes right away.

These calculations do not include non-refundable tax credits other than the basic personal tax credit.

Your annual taxable income excluding income from investment such as capital gains and dividends.

1x

Capital gains are profits which result from a disposition of a capital asset including land, buildings, shares, bonds, fund and trust units, where the amount realized on the disposition exceeds the purchase price. The gain is the difference between a higher selling price and a lower purchase price.

50%

Generally, eligible dividends are dividends you have received from big, public companies.

1,38x

Generally, ineligible dividends are dividends you've received from smaller, private companies.

1,18x
Deduction Claimed for Current Year
PROVINCE
TAX CREDIT
TAX PAYABLE
AFTER TAX INCOME
AVERAGE TAX RATE
MARGINAL TAX RATE

These rates give you a basic of idea of how much tax you should pay, but depending on your employment and business and personal circumstances you could pay a lot less. Be sure to visit a competent tax advisor before filing your return.

The RRSP contribution limit is based on 2013 maximum contribution limits. This actual contribution limit may be higher if there are unused RRSP contributions from prior years.

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18 Comments

  1. MJ Buenafe 11/21/2014 at 2:50 pm

    I am a Canadian citizen, residing and pays tax in Canada.
    I work for a consulting company that services both clients in US and Canada. It is on commission basis.
    The company now is telling me that they will pay in in US$ for US clients that I service from this time on, which I don’t mind. However, how does the filing of taxes works?
    Before, they send me a T-4 for commission I received in Canadian dollars. Now, what forms they are suppose to send me, so that I can file my tax accordingly?
    Looking forward to hearing from you.
    Thanks,
    MJ

  2. Hi MJ,

    This is a question you should be posing to your employer.

    They may issue you a Canadian T4 or they may require you to obtain an US ITIN (tax number) and will require you to file an US tax return,

    Best to get a handle on this before year end so you are not surprised.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  3. Patrick 12/07/2014 at 3:39 pm

    I am on your site… I am trying to find what the off the top tax rate is for 20$ per hour @ 40 hours per week.

    In advance, thank you.

  4. Hi Patrick,

    The calculator above determines ANNUAL tax liability.

    So, in your case, multiply your $20 x 40 x 52 weeks to get your annual taxable income and enter it in the calculator above.

    The result will be your annual tax liability rate.

    To reduce it to your weekly rate, divide the amount by 52 weeks.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  5. Sayem Ahmed 12/07/2014 at 4:00 pm

    Hello,

    I recently moved to BC on October 20th, and started a new full-time permanent job. Previously, I was self employed in Quebec, for 9 months. I did not file for taxes from Quebec, nor did I have registration as self employed while I was working in Quebec.

    Now, I am unsure from where do I file my taxes at the end of the year. Do I pay taxes to Quebec because I used to work and reside there for 9 months? How do I process my tax application in BC now ?

    Thanks.

  6. Hi Sayem,

    Very good question!

    Provincial tax residency is not as clear cut as it appears on the T1 tax return.

    Quebec follows a more restricted manner of determining residency than other provinces and strictly enforces this.

    As you lived in Quebec for nine months, you are a resident for tax purposes to Quebec for all world income earned during this time.

    As for filing your tax return, you may have different options… you must file a Quebec Tax Return for the Quebec income; you must file a Federal T1 to report your total world-wide income for 2014, but you also have the opportunity to either report the BC income on the BC tax return or as Quebec income on the Quebec tax return.

    We recommend you seek the services of a professional tax preparer with the knowledge and experie3nce of inter-provincial tax reporting requirements to reduce your tax liability.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  7. Bill 12/08/2014 at 8:42 pm

    Hello,
    My elderly father put many of his stock purchase receipts in the shredder to forget about the thousands he lost in the stock market over the years. It was an unfortunate mistake in a moment of utter despair. This year he actually has capital gains, and he would like to dispose of some of those near-worthless investments to offset the gains. Since he no longer has the purchase slips to prove how much he paid, can he instead provide the CRA with brokerage statements showing the book value of the investments ?
    Thanks in advance for your reply.

  8. Hi Bill,

    Your dad’s primary issue is not with the CRA as the purchase price should be readily available from the broker’s statement or historical records, but actually with the broker… depending upon the stock owned, you may require the certificates to sell the stock, unless the certificates have no value recorded on the broker’s statement.

    Be sure to claim every potential cent in capital loss to cover current and future gains, but also because capital losses can be claimed against any income on your dad’s Final tax return (a much desired break for his estate).

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  9. Saif 12/28/2014 at 11:30 am

    hi there!

    I would like to know as a realtor, how can we calculate tax rate and what business expenses are tax deductible. Also, have you conducted tax planning and full tax services for realtors before

    thank you!
    saif

  10. Saif 12/28/2014 at 11:35 am

    I also wanted to ask if there were any tax strategies when collecting HST while paying HST on other business accounts.

    Thank you

  11. Hi Saif,

    To calculate your tax rate, you enter your net realtor business income into the calculator above.

    All business related expenses are deductible from realtor business income.

    Yes, our firm does provide tax planning and filing services for clients who are realtors.

    For more information, please email us directly or through our web site link below.

    There are no tax strategies for HST, other than track the correct amount for your income transactions and track every expense to maximise your input tax credits.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  12. Charlie 01/18/2015 at 6:03 pm

    I’m originally from Toronto, Ontario, Canada, but moved to the U.S. at the end of November 2013. Do I fill out 2 tax returns, one in Canada, one in the U.S.?

  13. Hi Charlie,

    If you have permanently moved to the US you would file a Canadian Return for the period from Jan – Nov and a US return for the rest of the year.

    If you are maintaining your residency status in Canada, you would file the Canadian return for the full year with your world wide income and a US return for Nov to Dec 31 and you would get a Foreign tax credit for any US taxes paid.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  14. Hi Nash,

    Enter your income details into this calculator for your approximate answer:
    link to lsminsurance.ca

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  15. Jay 04/08/2015 at 1:45 pm

    Hi,
    I am a Canadian left to the Gulf to work there. I certainly do not intend to come back to live in Canada. I do not have any ties in Canada (closed my bank account, have no driving licence, have no home, have no personal belongings, no social ties, …etc). Actually, the only tie I have is my Canadian passport.
    Also, my wife (64 years old) did not decide yet whether to permanently leave Canada and come with me or stay with her son (who is 35 years old, lives and works in Canada).
    My question is: am I considered none-resident?
    What if my wife decided to stay in Canada?
    Pls note that, regardless of my wife decision, I did permanently left Canada and have no intention to come back.
    Appreciate your response.
    Jay

  16. Hi Jay,

    Regardless of you leaving Canada without the intention to return, you may still be considered a tax resident and required to file tax returns in Canada. But even if you are a non-resident, if you have Canadian sourced income, you are required to file a Canadian tax return.

    You state you have moved to the ‘Gulf’… whichever country you are living within the ‘Gulf’ certainly must have a tax treaty with Canada. Depending on the factual status of your tax residency with the country in the ‘Gulf’, you may be required to report your world-wide income or just your Canadian income on a Canadian tax return.

    Cutting financial ties (bank accounts, credit cards, etc.) and cancelling your Drivers Licence and Health Card is a start. Only one last issue remains that continues to require you to file a Canadian tax return… you are married and your wife lives in Canada. Familial ties decide tax residency just as financial ties do. If you do not file a Canadian tax return reporting your worldwide income, she is required to do so on her Canadian tax return.

    Plus, assuming your wife is 64, you and/or she may be in receipt of CPP and or OAS and this must be reported on a Canadian tax return; conditions apply.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  17. Nano 04/13/2015 at 11:29 am

    My mother lost money with the Bre-X fraud, however she neglected to record her losses at the time (1997) as she didn’t have any capital gains. She was not aware she could record such losses and carry them forward indefinitely for use against capital gains in future years.
    As of December 2014, some 20 Bro-X shares were still listed in her holdings on her brokerage statements. She disposed of these shares, and others, before the end of the year through a “Deed of Gift” with her Brokerage. There was no book value attached to these 20 shares, but she originally received them as a “dividend in kind” based on her 500 Bre-X shares.
    My question is: Can she include the cost of the original Bre-X shares to determine the adjusted cost base of the Bro-X shares she just disposed of through “Deed of Gift” in calculating a capital loss for 2014?
    Thanks in advance for your reply.

  18. Hi Nano,

    Your mother can claim the loss under Section 50(1) of the Tax Act, but only the 20 shares and you MUST determine the value of those 20 shares at the time she acquired them.

    When were the original 500 shares ‘disposed’? She would be able to claim that loss if she has a brokerage statement dated within the past five years.

    Losses back in 1997 cannot be claimed as the date has passed the seven year limit for tax return revision.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

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