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Tax Rates -> Tax Comparisons -> Tax comparison for seniors with investment income -> 2013
Seniors Tax Comparison of Canadian Dividends vs Other Investment Income 2013
The table on this page compares taxes payable by province in 2013 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 at Dec 31, 2013.
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 2013 | ||||||||||||
| AB | BC | MB | NB | NL | NS | NT | NU | ON | PE | QC | SK | YT | |||
| A. Cdn Eligible Dividends | $66,000 | $76,433 | $8,081 | $7,523 | $11,673 | $9,232 | $9,197 | $11,861 | $5,531 | $6,399 | $9,388 | $10,902 | $13,098 | $9,076 | $6,473 |
| B. Other Income | 66,000 | 66,000 | 13,852 | 13,545 | 15,937 | 15,517 | 15,097 | 16,507 | 11,892 | 10,604 | 13,654 | 16,228 | 18,050 | 14,995 | 13,365 |
Notes:
| The $967 Clawback of OAS in Case A is included as taxes payable, and reduces taxable income |
| BC includes MSP premiums payable for 2014 based on 2013 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 compare different levels of employment income for people who are not seniors.
Revised: October 26, 2023