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Tax Rates -> Tax Comparisons -> Tax comparison for seniors with investment income -> 2012 and 2011
Seniors Tax Comparison of Canadian Dividends vs Other Investment Income 2012 and 2011
The tables on this page compare taxes payable by province in 2012 and 2011 for two different types of income:
 | Canadian eligible dividends, and |
| other income, such as interest and foreign dividends. |
The calculations assume that the income is received by a single senior. The tax rates used are as known on November 10, 2012.
The total income in each case includes:
| $6,000 of Old Age Security |
| $6,000 of Canada Pension Plan retirement income |
| $24,000 of pension income eligible for the pension tax credit |
|
plus either
|
| Income Type |
Total Income |
Taxable Income |
Total Federal + Provincial Income Taxes Payable in 2012 | ||||||||||||
| AB | BC | MB | NB | NL | NS | NT | NU | ON | PE | QC | SK | YT | |||
| A. Cdn Eligible Dividends | $66,000 | $76,224 | $8,380 | $7,745 | $11,949 | $8,939 | $9,526 | $12,112 | $5,817 | $6,715 | $9,694 | $11,153 | $13,412 | $9,386 | $6,759 |
| B. Other Income | 66,000 | 66,000 | 14,031 | 13,600 | 16,092 | 15,233 | 15,283 | 16,635 | 12,070 | 10,778 | 13,821 | 16,356 | 18,240 | 15,174 | 13,547 |
Notes:
| Clawback of OAS ($1,176) is included as taxes payable - the clawback only occurs in the Canadian eligible dividends case |
| BC includes MSP premiums payable for 2013 based on 2012 income |
| Ontario - includes Ontario Health Premium |
| QC includes health contribution, contribution to the health services fund, and prescription drug insurance plan premiums |
| Income Type |
Total Income |
Taxable Income |
Total Federal + Provincial Income Taxes Payable in 2011 | ||||||||||||
| AB | BC | MB | NB | NL | NS | NT | NU | ON | PE | QC | SK | YT | |||
| A. Cdn Eligible Dividends | $66,000 | $76,705 | $8,343 | $7,602 | $10,691 | $8,924 | $9,545 | $12,085 | $5,789 | $6,609 | $9,743 | $11,111 | $13,470 | $9,394 | $6,731 |
| B. Other Income | 66,000 | 66,000 | 14,256 | 13,780 | 16,293 | 15,462 | 15,540 | 16,809 | 12,313 | 11,014 | 14,063 | 16,530 | 18,408 | 15,420 | 13,795 |
Notes:
| Clawback of OAS ($1,595) is included as taxes payable - the clawback only occurs in the Canadian eligible dividends case |
| BC includes MSP premiums payable for 2012 based on 2011 income |
| Ontario - includes Ontario Health Premium |
| QC includes health contribution, contribution to the health services fund, and prescription drug insurance plan premiums |
Although the higher taxable income with Canadian eligible dividends causes a clawback of the OAS and a higher clawback of the age credit, the taxes payable are still significantly lower.
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.
See also Tax Comparisons by Province and Territory, which compares different levels of employment income for people who are not seniors.
Revised: October 26, 2023