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2015 Tax Comparison of Canadian Dividends vs Interest
The tables on this page compare taxes payable by province/territory in 2015 for three different types of investment income:
- 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 June 13, 2016. The total taxes payable include any alternative minimum tax, where applicable.
Taxes Payable on Eligible Dividends
| Actual Eligible Dividends |
Taxable Income |
Total Federal + Provincial Income Taxes Payable (Refundable) in 2015 | ||||||||||||
| AB | BC | MB | NB | NL | NS | NT | NU | ON | PE | QC | SK | YT | ||
| $30,000 | $41,400 | $0 | $900 | $376 | $0 | $584 | $0 | $(680) | $(828) | $450 | $0 | $905 | $0 | $0 |
| 50,000 | 69,000 | 0 | 900 | 1,780 | 0 | 2,544 | 1,810 | (942) | (1,200) | 600 | 388 | 2,606 | 0 | 0 |
| 60,000 | 82,800 | 1,423 | 2,319 | 4,552 | 1,500 | 5,106 | 4,391 | 516 | 258 | 2,169 | 2,745 | 4,910 | 1,476 | 1,450 |
| 80,000 | 110,400 | 4,505 | 5,397 | 10,264 | 5,277 | 10,407 | 9,827 | 3,621 | 3,721 | 5,247 | 7,591 | 11,058 | 4,593 | 4,550 |
| 100,000 | 138,000 | 7,494 | 8,387 | 15,843 | 9,613 | 15,636 | 15,197 | 6,608 | 7,671 | 9,686 | 12,284 | 17,800 | 7,981 | 7,537 |
Note that in 2015 Albertans will actually pay a small amount of provincial tax on eligible dividends (compared to zero previously), due to the tax rate increases which took effect October 1, 2015. The amount will be more in 2016 when the higher tax rates are in effect for the full year. The highest marginal tax rate for eligible dividends for AB is 21.02%, but will be 26.19% in 2016.
Taxes Payable on Non-Eligible Dividends
Note: Non-eligible dividends gross-up % is 18% in 2015. It will be 17% in 2016 and later years.
| Actual Non-eligible Dividends |
Taxable Income |
Total Federal + Provincial Income Taxes Payable in 2015 | ||||||||||||
| AB | BC | MB | NB | NL | NS | NT | NU | ON | PE | QC | SK | YT | ||
| $15,000 | $17,700 | $0 | $(21) | $709 | $0 | $0 | $26 | $(383) | $(354) | $0 | $148 | $160 | $0 | $0 |
| 30,000 | 35,400 | 621 | 1,272 | 2,629 | 1,034 | 619 | 1,485 | (605) | (708) | 300 | 1,717 | 1,558 | 970 | 418 |
| 50,000 | 59,000 | 3,901 | 4,064 | 7,094 | 5,048 | 4,253 | 5,839 | 780 | 1,012 | 2,820 | 5,871 | 6,037 | 4,715 | 3,204 |
| 60,000 | 70,800 | 6,012 | 5,963 | 9,973 | 7,621 | 6,546 | 8,686 | 2,006 | 2,755 | 4,665 | 8,616 | 8,747 | 7,144 | 5,188 |
| 80,000 | 94,400 | 10,432 | 10,617 | 16,675 | 13,212 | 11,509 | 14,597 | 5,822 | 6,661 | 9,796 | 14,594 | 14,756 | 12,201 | 9,451 |
| 100,000 | 118,000 | 15,596 | 16,741 | 24,122 | 19,703 | 17,217 | 21,437 | 10,821 | 11,602 | 16,379 | 21,316 | 22,188 | 18,003 | 14,812 |
Taxes Payable on Other income (foreign dividends, interest, etc.)
| Interest Income |
Taxable Income |
Total Federal + Provincial Income Taxes Payable in 2015 | ||||||||||||
| AB | BC | MB | NB | NL | NS | NT | NU | ON | PE | QC | SK | YT | ||
| $15,000 | $15,000 | $551 | $476 | $1,062 | $551 | $551 | $824 | $266 | $340 | $614 | $966 | $467 | $551 | $786 |
| 30,000 | 30,000 | 3,980 | 4,383 | 5,054 | 4,566 | 4,436 | 4,718 | 3,214 | 2,890 | 4,118 | 4,986 | 5,461 | 4,381 | 3,996 |
| 50,000 | 50,000 | 9,350 | 9,419 | 10,956 | 10,594 | 10,067 | 11,079 | 7,777 | 6,882 | 9,171 | 11,037 | 12,170 | 10,071 | 8,785 |
| 60,000 | 60,000 | 12,550 | 12,389 | 14,431 | 14,276 | 13,517 | 14,788 | 10,737 | 9,582 | 12,286 | 14,617 | 16,107 | 13,571 | 11,885 |
| 80,000 | 80,000 | 18,950 | 18,448 | 21,985 | 21,641 | 20,497 | 22,522 | 16,797 | 15,382 | 18,812 | 22,242 | 23,981 | 20,571 | 18,085 |
| 100,000 | 100,000 | 25,774 | 25,606 | 30,289 | 29,769 | 27,981 | 30,737 | 24,025 | 21,901 | 26,875 | 30,436 | 32,855 | 27,995 | 24,910 |
Notes re all three tables:
 | BC includes MSP premiums payable for 2016 based on 2015 income. |
| Ontario - includes Ontario Health Premium. |
| QC includes progressive health contribution, 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 Income Tax Planning Calculators, in particular the Investment Income Tax Calculator. However, the Investment Income Tax Calculator does not include BC MSP in the total taxes, because MSP is not actually part of the income tax system. In the detailed Canadian Income Tax and RRSP Savings Calculator, the BC MSP is shown at the bottom of the calculator, but not included in the total taxes payable.
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