Canadian Income Tax Calculator 2014

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

Find out how much 2013 income tax you owe in Canada in one easy step.

If you would like to know the income tax for 2015, 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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Storoszko & Associates, Tax Professionals
Storoszko & Associates, Tax Professionals

Hi Jean,

Your tax reporting requirements are based on where you live.

Enter your gross anticipated income for the year into the calculator above to determine your tax liability for NS. This is the percentage amount would should set aside for payment at tax time.

In addition to the income tax, you also need to set aside 10% of your income for CPP contributions.

I hope this has answered your question.

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

Tomas
Tomas

Hello
I’m a spanish citizen and I’m going to work to QUebec city for a year. I will earn 70000$ per year before taxes. How much I will get after taxes?
Thank you.
Tomas

Storoszko & Associates, Tax Professionals
Storoszko & Associates, Tax Professionals

Hi Tomas,

Enter your gross wages into the calculator above to calculate the tax liability and after tax amount of your pay.

I hope this has answered your question.

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

Gen
Gen

Hi, I have just filed my taxes and I am concerned as to why the CRA has reassessed my 2013 taxes. If it doesn’t matter who claims the dependents, why do they keep changing it so that my husband claims them, causing me to owe a balance? I don’t understand, why an entire year later they reassess my last year taxes and are now charging me not only a balance but also arrears when I wasn’t aware I owed anything until this week, when they decided to reassess my taxes. Can you advise me as to why the CRA is… Read more »

Storoszko & Associates, Tax Professionals
Storoszko & Associates, Tax Professionals

Hi Gen, Unfortunately, the tax advice/information you received about “If it doesn’t matter who claims the dependants” is very INCORRECT. There are specific rules by CRA and it DOES matter who can claim the dependants. It seems that whomever filed your income tax return, over-rode the rules and filed incorrectly… we suggest you return to whomever (tax return preparer) it was that filed your tax return as they would be responsible for any penalty and interest you incurred as a result of the reassessment. It generally takes CRA a year to match all information slips to the tax returns and… Read more »

Joe
Joe

Hi
I am going to start receiving my CCP and Old age pension/I would like to work for another year my income from work is 46000.00
I will be receiving around 23000.00 for my CCP and old age pension.per year. Is it worth it for me to continue working or shall I retire? how much will I be taxed for 2016.
Thank you
Regards
Joe

Storoszko & Associates, Tax Professionals
Storoszko & Associates, Tax Professionals

Hi Joe,

We are not able to provide you with an answer to your question as to whether you should work or retire… that is totally up to you.

If you would like the money, it would be an idea to work, if you are able.

As for tax, you have provided insufficient details… please use this calculator to determine your tax payable:
link to lsminsurance.ca

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

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