TaxTips.ca - 2023 and 2024 Quebec Investment Income Tax Calculator

TaxTips.ca Quebec Investment Income Tax Calculator
Illustration of the Effect of Different Investment Income Types

Tax Year					Taxes Payable
Taxpayer Information					Taxes Before Clawback
	Province of Residence		QC		Clawback Payable
	Birth Year				Total Taxes Payable
					After-tax Income
Income			Actual	Taxable	Try shifting income from other income to Canadian eligible or non-eligible dividends, and see the difference in taxes payable, even when the OAS clawback might increase. Enter above results below, shift some income or change the tax year, and see the difference.
	Old Age Security
	QPP/CPP
	Capital Gains pre-June 25/24
	Capital Gains post-June 24/24
		Enter the actual amount of capital gains in excess of losses.
	Canadian Eligible Dividends
		Enter the actual amount of dividends.
	Canadian Non-Eligible Dividends
		Enter the actual amount of dividends.			Previous Calculation Results
	RRSP/RRIF Withdrawals				Taxes Before Clawback
		Only include RRIF withdrawals if age is less than 65, not eligible for pension credit.			Clawback Payable
	Other Income				Total Taxes Payable
		Include interest and foreign dividends, etc.			After-tax Income
	Pension Income Eligible for the Pension Tax Credit
		This would include RRIF withdrawals when age is 65+.			Increase/(Decrease)
		Pension income not eligible for the pension tax credit should be in other income.			Taxes Before Clawback
					Clawback Payable
Less OAS Clawback					Total Taxes Payable
Actual and Taxable Income					After-tax Income

If income is moved from "other income" to Canadian dividends, total taxes will be reduced even as the OAS clawback increases. Capital gains post-June 24/24 will be treated as 2023 capital gains if the tax year is 2023. This is an easy way to see the increase in tax (if any) from 2023 to 2024 re capital gains.
This calculator includes the same tax credits as the Detailed Quebec Income Tax and RRSP Savings Calculator, as well as AMT where applicable.
Increased inclusion rate for capital gains has been included, but when further legislation is available, changes may be required.
Calculations are based on tax rates known as of June 30, 2024

TaxTips.ca Quebec Investment Income Tax Calculator
Illustration of the Effect of Different Investment Income Types

Tax Year				Taxes Payable
Taxpayer Information				Taxes Before Clawback
	Birth Year			Clawback Payable
				Total Taxes Payable
				After-tax Income
Income		Actual	Taxable	Previous Calculation Results
	Old Age Security			Taxes Before Clawback
	CPP			Clawback Payable
	Capital Gains			Total Taxes Payable
	Canadian Eligible Dividends			After-tax Income
	Canadian Non-Eligible Dividends
	RRSP Withdrawals			Increase / (Decrease)
	Other Income			Taxes Before Clawback
	Pension Income Eligible for Pension Tax Credit			Clawback Payable
Less OAS Clawback				Total Taxes Payable
Actual and Taxable Income				After-tax Income
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. Before making a major financial decision you should consult a qualified tax professional. Alternative minimum tax (AMT) is calculated where applicable, but the Detailed Quebec Calculator is better suited for calculating AMT, as deductions and tax credits can be entered. Individuals who may be subject to AMT, or who do not have a simple tax situation, should be seeking advice from a tax lawyer or CPA tax specialist. Although only partial legislation is available with details of the capital gains inclusion rate to 2/3rds effective June 25, 2024 for capital gains over $250,000, we have included this change in the calculator. It is possible that when legislation is available, the calculator may change.

TaxTips.ca Quebec 2023 / 2024 Investment Income Tax Calculator

TaxTips.ca Calculators -> Investment Income Tax Calculator information page Note: This calculator will retain data. Click Reset before closing if using on a public computer.