2014 Tax Return Calculator Ontario

Use this 2014 Ontario tax return calculator to estimate your provincial and federal tax liability. The calculator provides a simplified estimate based on the 2014 tax rates and brackets. For an exact calculation, consult a tax professional or use official government tax software.

How to Use This Calculator

Enter your total taxable income for 2014 in the calculator below. The calculator will automatically compute your estimated federal and provincial tax liability based on the 2014 tax rates. You can also enter deductions and credits to get a more accurate estimate.

This calculator provides an estimate only. For an exact calculation, you should consult a tax professional or use official government tax software.

2014 Ontario Tax Brackets

The 2014 Ontario tax rates were as follows:

15% on the first $41,923 of taxable income
20% on the next $41,922 (between $41,924 and $83,845)
26% on the next $83,846 (between $83,846 and $167,692)
29% on the next $167,692 (between $167,693 and $335,385)
33% on taxable income over $335,385

Federal tax rates for 2014 were:

15% on the first $45,282 of taxable income
20.5% on the next $45,282 (between $45,283 and $90,565)
26% on the next $90,565 (between $90,566 and $140,388)
29% on the next $140,388 (between $140,389 and $235,350)
33% on taxable income over $235,350

Deductions and Credits

Common deductions and credits that may apply to your 2014 Ontario tax return include:

Canada Pension Plan (CPP) contributions
Registered Retirement Savings Plan (RRSP) contributions
Tax-Free Savings Account (TFSA) contributions
Medical expenses
Donations to charitable organizations
Home office expenses
Tuition and education expenses

Enter these amounts in the calculator to get a more accurate estimate of your tax liability.

Filing Requirements

In 2014, you were required to file a tax return if:

Your net income was $12,222 or more
You had a net loss of $1,000 or more
You were self-employed
You had a spouse or common-law partner who was not a resident of Canada
You had a child under the age of 18 who was not a resident of Canada

If you did not meet any of these criteria, you were not required to file a tax return.

Example Calculation

Let's say you had a taxable income of $60,000 in 2014. Here's how the calculator would compute your estimated tax liability:

Federal Tax Calculation: $45,282 × 15% = $6,792.30 ($60,000 - $45,282) × 20.5% = $3,056.49 Total Federal Tax = $6,792.30 + $3,056.49 = $9,848.79 Ontario Tax Calculation: $41,923 × 15% = $6,288.45 ($60,000 - $41,923) × 20% = $3,615.54 Total Ontario Tax = $6,288.45 + $3,615.54 = $9,903.99 Total Estimated Tax = $9,848.79 + $9,903.99 = $19,752.78

This example shows that your estimated total tax liability for 2014 would be approximately $19,752.78.

Frequently Asked Questions

What is the difference between taxable income and net income?

Taxable income is the amount of income that is subject to taxation, while net income is the amount of income that remains after taxes and other deductions have been taken into account. Taxable income is typically higher than net income because it includes amounts that are tax-deductible.

How do I know if I need to file a tax return?

In 2014, you were required to file a tax return if your net income was $12,222 or more, you had a net loss of $1,000 or more, you were self-employed, you had a spouse or common-law partner who was not a resident of Canada, or you had a child under the age of 18 who was not a resident of Canada.

What are the common deductions and credits for Ontario tax returns?

Common deductions and credits for Ontario tax returns include Canada Pension Plan (CPP) contributions, Registered Retirement Savings Plan (RRSP) contributions, Tax-Free Savings Account (TFSA) contributions, medical expenses, donations to charitable organizations, home office expenses, and tuition and education expenses.

How accurate is this calculator?

This calculator provides an estimate of your tax liability based on the 2014 tax rates and brackets. For an exact calculation, you should consult a tax professional or use official government tax software.

What should I do with my tax return?

Once you have completed your tax return, you should file it with the Canada Revenue Agency (CRA) and the Ontario Ministry of Finance. You may also need to make any necessary tax payments or file for any refunds due to you.