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Choose your
province
AB
BC
MB
NB
NL
NS
NT
NU
ON
PE
SK
YT
Tax Year
2014
To open links without
closing the calculator, right-click on the link and select open in new
window.
Taxpayer
Spouse
Combined Taxes Payable
Birth year
Taxpayer
Spouse
Birth month (needed for
CPP premiums if turning 18 or 70 during year)
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3
4
5
6
7
8
9
10
11
12
Fed
Are you eligible to claim the disability
amount tax credit?
Y
N
Are you single? (must be
"N" to calculate spouse tax)
Y
N
Total
Are you eligible to claim the working income
tax benefit (WITB)?
Y
N
<- Grand Total
Are you eligible to claim
the Family Tax Cut (FTC)?
Y
N
Information re dependent children and
eligible dependent tax credit
# children age 16
or less at Dec 31 of tax year -born
# children age 17
at Dec 31 of tax year -born
# children age 18 at
Dec 31
Total # children age 17 or less at Dec 31
Total # children age
18 or less at Dec 31
If not single, claim Federal child amount tax credit on the
return of
If eligible,
claim the equivalent to spouse (eligible dependent) tax credit for ONE of the
following dependents:
Child age 18 or less at the end of year
Age of this child at the end of year (zero
if under 1)
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
OR other eligible relative
Net income of dependent
claimed as equivalent to spouse
INCOME
Taxable Income
Income
from:
Federal Line#
Taxpayer
Spouse
Taxpayer
Spouse
Employment (T4 box 14)
Line 101
Are you required to pay EI premiums on ALL the above
earnings (up to annual max)?
Y
N
Y
N
If you answered "N" above, please enter
the insurable amount of your earnings, if any, below:
EI insurable earnings
Are you required to pay CPP
contributions on ALL the above earnings (up to annual max)?
Y
N
If you answered "N" above, please enter
the pensionable amount of your earnings, if any, below:
CPP pensionable earnings
Universal child care benefit (UCCB) (RC62 box 10):
Line 117
- will be claimed by spouse with lower "net
income before adjustments"
Employment insurance regular benefits
(EI) (T4E box 15, if rate in box 7 is 30%)
Old Age Security (OAS) (T4A(OAS) box 18)
Line 113
CPP/QPP retirement or disability pension (T4A(P)
box 20)
Line 114
# months in year collecting CPP pension
0
1
2
3
4
5
6
7
8
9
10
11
12
0
1
2
3
4
5
6
7
8
9
10
11
12
If you are 65 to 70 and collecting CPP, please
indicate the # of months, if any, for which
you are
electing to NOT make CPP contributions in the year
0
1
2
3
4
5
6
7
8
9
10
11
12
0
1
2
3
4
5
6
7
8
9
10
11
12
Self-employment income (include bus. income/loss from
rentals)
Line 135-143
CPP pensionable self-employment earnings
Capital gains in excess of capital losses (zero if
negative) - actual, not taxable
Cdn dividends eligible for
enhanced div tax credit (T5 box 24)
Line 120
NL residents: enter TOTAL 2014 eligible &
non-eligible dividends here, and post-June 30th 2014 dividends below at
bottom of income fields.
Cdn non-eligible dividends (T5
box 10)
Line 180, also in Line 120
RRSP/RRIF withdrawals (when not eligible for
pension tax credit)
Other income (EI special benefits, interest,
foreign dividends, some pensions, etc)
Pension income (eligible for pension tax credit for
persons 65+)
Qualified pension income (eligible for pension
credit for any age)
Qualified pension
income (eligible for pension tax credit even if taxpayer is under 65)
includes - life annuity payments from a
superannuation or pension plan - pmts from a RRIF, or annuity
pmts from an RRSP or from a DPSP, received as a result of the death of a
spouse or common-law partner.
Workers' compensation
benefits (box 10 on the T5007 slip)
Line 144
Social assistance
payments
Line 145
Net federal
supplements (box 21 on the T4A (OAS) slip)
Line 146
Workers'
compensation, social assistance and net federal supplements are included
above, and deducted below to arrive at taxable income.
NS Seniors with GIS income on
line 146 and provincial taxes payable on line 428 may get a refund of tax.
Subtotal
Newfoundland & Labrador only - re Cdn eligible
dividends received in 2014 and included in dividends above:
Amount of Cdn eligible dividends received Jul 1 to
Dec 31, 2014
Newfoundland & Labrador only - re Cdn
non-eligible dividends received in 2014 and included in dividends above:
Amount of Cdn non-eligible dividends received Jul 1
to Dec 31, 2014
Pension splitting - maximum allowable is 50% of
eligible pension income. Make sure
birth year entered for both Taxpayer and Spouse.
Number of months married or living common-law
0
1
2
3
4
5
6
7
8
9
10
11
12
A.
Total pension income eligible for pension tax
credit (based on age)
Maximum pension amount transferable (50% x A/12 x
#months married)
Amount that you are electing to transfer - from
taxpayer to spouse
Amount that you are electing to transfer - from
spouse to taxpayer
Transfer of pension income Line 116
$ from taxpayer to spouse
$ from spouse to taxpayer
Any resulting additions to pension income
are shown here, and reductions to income are in deductions area on Line
210.
After pension splitting - pension income eligible
for pension tax credit
Transfer of tax withheld from pension
income that is eligible for pension splitting :
The tax deducted from pension income should
also be included in the "Total income tax deducted" (at
bottom).
Total tax withheld from pension income (A above) of
taxpayer
Total tax withheld from pension income (A above) of
spouse
Total income for
tax purposes - line 150
DEDUCTIONS
Taxpayer
Spouse
RRSP deduction
Line 208
Other deductions (RPP, union dues, child care,
interest expense, etc.)
Child care costs - not checked to see if exceeding
limits
Line 214
Deduction for elected split-pension amount
Line 210
Deduction for 50% of CPP on self-employment income
Line 222
Net income before
adjustments (for calculation of clawbacks, zero if negative) - Line 234
Clawback of EI and OAS
Line 235
Net income for tax
purposes - Line 236
Workers' compensation, social assistance, net
federal supplements
Net capital losses of other years (after Oct 17,
2000)
Line 253
Non-capital losses of other years / Capital gains
deduction
Lines 252 / 254
Taxable income
(zero if negative) - Line 260
Less dividend gross-up
Add back non-taxable portion of capital gains less
capital losses carried forward
Add back clawbacks (the clawbacks are treated as
another tax for the average tax rate calculation)
Adjusted taxable
income (zero if negative) for average tax rate calculation at bottom
TAX CREDITS (NON-REFUNDABLE UNLESS NOTED OTHERWISE)
Taxpayer
Spouse
Public transit costs
*
Fed/YT child fitness-max
$1,000(BC $500) ea. age 16 or less, 18 or less for disabled
Max credit
is greater for disabled.
*
ON refundable child
activity-max $541, more for disabled
*
MB fitness tax credit - max $500 for up to age 24
*
Fed/BC/MB child arts - max $500 each age 16 or less,
18 or less for disabled
*
NS Sport/recreation
amounts - max $500 for each child age
17 or less
*
SK refundable active families
benefit-max $150 ea. ages under 18
Federal first-time home buyers' tax credit (max
$5,000 per qualifying home)
*
SK first-time home buyers' tax credit (max $10,000
per qualifying home)
BC Seniors home renovation tax credit-refundable (max
$10,000 per home)
ON healthy homes renovation tax credit-refundable
(max $10,000 per home)
Medical expenses-usually best
claimed by lower income spouse
Charitable donations-usually best claimed by higher
income spouse
First Time Donor Super-Credit is available only for
donations of money, and only if this is the first donation after 2007.
Is this the first donation
after 2007 for both taxpayer and spouse?
Y
N
*
These are not checked to ensure that the maximum
allowable amount is not exceeded.
Fitness and activity
credits can be split between spouses, are available to greater age for child
with disability
(except MB, NS and
SK), and double the amount is available for child with disability (except NS
and SK).
Medical and donations can be claimed by either spouse-see which
one works best.
Medical expenses
can be claimed for any 12 month period ending in the tax year.
Homebuyers' tax
credit can be shared by spouses - see what works best.
Students
Taxpayer
Spouse
Student loan interest (can be
carried forward up to 5 years)
Sch 1 Line
319
Unused tuition/education/text amounts from prior
year:
Federal
Provincial
Resident of different province at the previous
year end - use the federal unused tuition/education/textbook amount as the
provincial amount, unless moved to ON or PE. If moved to ON from QC use federal amount, otherwise use provincial
amount. If moved to PE from QC use
federal amount, otherwise use lower of federal or provincial amounts.
Disabled students - claim full time months for
part time months enrolled.
Eligible tuition fees
Federal education/textbook
amounts
Part time- # of months
0
1
2
3
4
5
6
7
8
9
10
11
12
0
1
2
3
4
5
6
7
8
9
10
11
12
Full time - # of months
0
1
2
3
4
5
6
7
8
9
10
11
12
0
1
2
3
4
5
6
7
8
9
10
11
12
Part time
Full time
Unused
tuition/education/textbook amounts before transfers to spouse
Federal
Provincial
Maximum allowable
transfer from spouse
Federal
Provincial
Unused amounts to transfer from spouse
Federal
These transfers show as part of "Amounts
transferred from spouse".
Provincial
Tax credits for age, pension, disability, and
child (except NS and PE child under 6) amounts are automatically transferred
to other spouse if unused.
TAXES AND PREMIUMS
Taxpayer
Spouse
Federal
Federal
Basic personal amount
Spouse/equivalent
Dependent children under 18 (Fed, YT), SK under 19
Age amount (reduced above
certain income levels)
Senior supplementary (SK)
Amount for children under 6 (NS, NU, PE) = UCCB
Family tax benefit (MB)
Employment insurance
CPP on empl earnings
1/2 CPP on self-empl earnings
Pension amount
Employment credit amount (Fed/YT)
Child care costs (NL only)
Public transit amount (Federal only and YT only)
Child fitness (Fed/YT 2014 only, MB, BC (+50%
2015)), and NS sport/rec amt
Children's arts amount (Federal, BC, MB, YT)
Fed/SK first-time homebuyers' amount
Disability amount
Tuition, education and textbook amounts
Amounts transferred from spouse
Medical expenses
Student loan interest (see bottom for amount
unused)
Total amount for non-refundable tax credits (B)
Line 335
Line 338 Non-refundable tax credits @ (B) x
Donations tax credit
Total non-refundable tax credits Line 350
Tax subtotal before family tax cut & dividend
tax credits
Family Tax Cut (FTC) - can be claimed by either
spouse on tax return
Ontario provincial surtax
Enhanced dividend tax credit
Small business dividend tax credit
Additional tax for alternative minimum tax (AMT)
Provincial surtax except Ontario
Low income tax reduction - non-refundable
NS age tax credit for low income seniors -
non-refundable
ON refundable children's activity credit / SK
active families benefit
BC seniors home reno tax credit / ON healthy homes
tax credit - refundable
Federal refundable medical expense supplement
Federal refundable working income tax benefit
Ontario health premium
Other refundable tax credits available in BC, MB,
ON, NU, YT - choose below, and enter the amount of the credit as a NEGATIVE
amount (not checked)
Choose refundable tax credit, if applicable:
BC Mining Exploration Tax Credit Form T88
BC Training Tax Credit Form T1014
BC Venture Capital Tax Credit Certificate SBVC10
MB Education Property Tax Credit
MB School Tax Credit and others Form MB479
ON Political Contribution Tax Credit
ON Flow-through Share Tax Credit Form T1221
ON Apprenticeship Training Tax Credit
ON Co-operative Education Tax Credit
NU Political Contribution Tax Credit
YT Political Contribution Tax Credit
YT Small Business Investment Tax Credit Certificate YSBITC-1
YT Labour-Sponsored Venture Capital Corporation Tax Credit
YT First Nations Income Tax Credit
Income tax payable
(refundable if negative)
Line
420
Line
428
Clawback payable re EI and OAS
Line 422
CPP on self-employment income
Line 421
Total payable by
taxpayer / (refundable if negative)
before
deducting taxes paid
Total income tax deducted (information
slips/instalments) - not CPP/EI premiums
include all
income tax paid
Transfer of withholding tax re pension splitting
Adjusted total income tax credits
Balance payable
(refund due if negative) after above payments/credits
CPP paid on employment income
EI paid on employment income
Total taxes,
clawbacks, CPP/EI premiums
Net income before
taxes / before RRSP deduction
Net income after
taxes / before RRSP deduction
Tax savings re
RRSPs / Marginal tax rate (see note below)
Average tax rate
based on taxable income
= total taxes,
clawbacks, CPP/EI divided by taxable income
Avg tax rate based
on adjusted taxable income
Note: RRSP contributions
by one spouse may also reduce the taxes payable of the other spouse - this is
not reflected in the RRSP savings.
Unused student loan
interest
Donations in excess
of 75% of net income - carry forward
Alternative minimum tax (AMT) is estimated
based on available information, and is only useful as it relates to capital
gains and Canadian dividends.
This calculator is intended to be used for
planning purposes. It does not include
every available tax credit. We strive
for accuracy, but cannot guarantee it.