2017 Tax Refund Calculator Ontario

How to Use This Calculator

To use this 2017 Ontario tax refund calculator:

1. Enter your total taxable income for 2017 in the first field.
2. Enter any deductions you may have claimed in the second field.
3. Click the "Calculate" button to see your estimated refund.
4. Review the result and any assumptions used in the calculation.

The calculator will show you your estimated tax liability and refund amount based on the 2017 Ontario tax rates. Keep in mind this is an estimate and your actual refund may vary.

Formula Used

The calculator uses the following formula to calculate your tax liability:

The tax rate is determined based on the 2017 Ontario tax brackets:

• 0% on the first $42,961 of taxable income
• 15% on the next $42,961 (from $42,962 to $85,922)
• 24.52% on the next $85,923 (from $85,923 to $171,845)
• 26.48% on the next $171,845 (from $171,846 to $343,690)
• 29.44% on amounts over $343,690

Your refund is calculated as:

Where "Tax Paid" is the amount you paid in taxes during the year.

Worked Example

Let's calculate a refund for someone with $100,000 in taxable income and $5,000 in deductions:

1. Taxable Income = $100,000 - $5,000 = $95,000
2. Tax Rate:
   • $42,961 × 0% = $0
   • ($42,961 × 15%) = $6,444.15
   • ($95,000 - $85,922) × 24.52% = $12,260.16
   • Total Tax = $0 + $6,444.15 + $12,260.16 = $18,704.31
3. If they paid $20,000 in taxes:
   • Refund = $20,000 - $18,704.31 = $1,295.69

This example shows an estimated refund of $1,295.69 for this scenario.