(click above links to open either calculator in a new window.)
Major calculator changes for 2024 and 2025:
alternative minimum tax changes effective January 1, 2024
capital gains inclusion rate change effective June 25, 2024 was cancelled
and will not happen
If the calculator or the print page appears messed up after a change
(especially in Chrome), clear
your cached images and files. As a last resort, a reboot of your computer may be
needed.
The income tax calculator, which takes input for both
taxpayer and spouse, includes most available deductions and tax
credits, and pension splitting. It is a
tax planning tool and financial planning tool, but will not actually file your tax return for you. It will be especially
useful as a tax planning tool for those who have some control over their
income,
such as
people making RRIF/RRSP withdrawals
incorporated business owners
investors trying to decide between investments
which produce capital gains, Canadian dividends, or other investment
income
taxpayers with the ability to contribute to their RRSP or FHSA
If you hover over many of the fields in the calculator, you
will see information regarding that particular field.
The calculator includes links to information on many of the
non-refundable tax credits.
Retaining Data From the Calculators
The 2016 and later Calculators will retain all of your data, on your computer, depending on your browser settings.
If you are on a public computer, click
reset to clear the data before you close the browser.
If
you want the information to be retained, ensure that your browser is set
appropriately:
Internet Explorer ( IE) - Internet Options, Privacy, Advanced
- make sure that "always allow
session cookies" is checked.
Chrome - Settings, Advanced Settings (at very bottom), Privacy and Security, Content settings,
Cookies -> Allow sites to save and read cookie data. Keep local
data only until you quit your browser should be turned off.
Firefox - Options, Privacy & Security - under History where it says
"Firefox will:", change to "Use custom settings for
history". Then make sure that "Accept cookies from
sites" is checked. Accept third-party cookies - this
setting doesn't matter. Older Firefox: Keep until - this should be set to
"they expire" or "ask me every time".
Features
Included in the Canadian Tax and RRSP Savings Calculator
includes tax rates known as of
the date shown in the calculator.
shows savings from RRSP
deductions, and % tax savings from RRSP deduction
can show marginal
tax rate if $100 RRSP deduction amount is entered in the RRSP
deduction field - for this purpose, put your actual RRSP deduction in
the "Other deductions" field - the RRSP savings will be incorrect, but the
RRSP tax savings % will be your marginal tax rate.
calculates CPP and EI
premiums on employment and self-employment (CPP only) income
allows pension
splitting and calculates related pension credit - pension income
is entered as either regular pension income or qualified pension income
child care
costs are now entered separately from other deductions.
interest
expense and other deductions (RPP, union dues, child care,
employment expenses, etc) can be entered in "other
deductions" line
Various input areas are hidden unless you indicate that
they are required - dependants, caregiver amounts, pension
splitting, students, foreign non-business tax credit.
Canada
caregiver credit - for 2017 & later years, replaces
these 4 credits, which have been retained by some provinces
& territories:
donations tax credit
- will alert you if your donations exceed 75% of net income, or if
all donations not utilized. Revised to use the highest tax
rate for tax credit to the extent that income is taxed at the
highest rate.
Canada Workers
Benefit (CWB), which was previously the Working
income tax benefit (WITB) - Note:you are required to indicate in the calculator if you are eligible
for the CWB or WITB. If you indicate that you qualify, the
calculator will determine the amount you will receive, if any,
based on your income. Read the article on the CWB (above
link) to determine if you qualify.
Line
10400 (line 104 prior to 2019) Other Employment Income
This income should be included with Line 10100 (line 101
prior to 2019) employment
income in the calculator. However, do not include it in the insurable or
pensionable income amounts below the employment income line.
Tax Rates
To see the current marginal
tax rate tables for each province, go to the Tax
Rates page.
Printing
the Calculator Results
The Detailed
Canadian Tax & RRSP Savings Calculator now uses a new Print feature,
and the 2-page summary of results can be printed in colour. If you want to print the
results in colour,once you click the Print button, choose More settings, and tick
"Background graphics". The preview should change from black and
white to colour. Your printer or pdf printer settings should also be set
to print in colour.
We'll be adding this feature to our other calculators as
time goes on.
FAQ re the Tax Calculators:
Is the "tax savings re RRSPs" the amount of the income tax refund
I would get?
Answer:
The "tax savings re RRSPs" is the amount your income taxes
will be reduced for that amount of RRSP contribution (make sure the
contribution doesn't
exceed your RRSP
deduction limit - this is not checked by the calculator). Compare the total income taxes result from the
calculator to what you have actually paid during the year to determine the
amount of your refund.
Super-Simple Basic Tax Calculator
If you are looking for a more simple tax calculator, see our Basic
Canadian Income Tax Calculator, where you input your income from capital
gains, Canadian eligible and non-eligible dividends, and other income, in order
to see the taxes payable for a single person. The Basic Tax Calculator
shows the marginal tax rates for each type of income, as well as total income
taxes payable for each province for a number of years. It does not allow input
of deductions or tax credit amounts.
Other topics related to the Canadian Tax
Calculator: