Calculate Tax Return Ontario 2018

Calculating your Ontario tax return for 2018 can be complex, but this calculator simplifies the process. Follow the steps below to determine your tax liability or refund, then review our complete guide for detailed instructions.

How to Use This Calculator

Enter your total income, deductions, and tax credits in the calculator panel on the right. The calculator will compute your taxable income and determine your tax liability or refund based on Ontario's 2018 tax rates.

For a more accurate result, consult a tax professional or use the Canada Revenue Agency's official tax tables.

Formula Used

Tax Calculation Formula

Taxable Income = Total Income - Deductions + Tax Credits

Tax Owed = Taxable Income × Ontario Tax Rate

Refund = Tax Credits - Tax Owed (if applicable)

The Ontario tax rates for 2018 were progressive, ranging from 5.05% to 13.16% depending on your taxable income bracket.

Worked Example

Suppose you earned $50,000 in 2018, had $8,000 in deductions, and claimed $2,000 in tax credits.

Calculation Steps

Taxable Income = $50,000 - $8,000 + $2,000 = $44,000

Tax Owed = $44,000 × 13.16% = $5,806.40

Since tax credits exceed tax owed, you would receive a refund of $1,806.40.

Complete Guide to Ontario Tax Return 2018

Step 1: Gather Your Documents

Collect all income statements, receipts, and T4 slips from your employer(s). Keep track of any deductions you may qualify for, such as RRSP contributions, medical expenses, or charitable donations.

Step 2: Determine Your Filing Status

Ontario offers several filing options: individual, common-law partner, or family. Choose the one that best fits your situation.

Step 3: Calculate Your Taxable Income

Subtract eligible deductions from your total income and add any tax credits you qualify for. Use the calculator on this page for a quick estimate.

Step 4: Apply Ontario's Tax Rates

The 2018 tax rates were progressive, with rates ranging from 5.05% to 13.16%. Refer to the Canada Revenue Agency's official tables for precise calculations.

Step 5: File Your Return

You can file your return electronically through the Canada Revenue Agency's website or by mail. Make sure to submit all required documents.

Step 6: Pay or Receive Your Refund

If you owe taxes, you'll receive a notice of assessment. If you qualify for a refund, it will be processed and sent to you within a few weeks.

Important Note

This calculator provides an estimate. For an exact calculation, consult a tax professional or use the official Canada Revenue Agency tools.

Frequently Asked Questions

What is the deadline for filing my Ontario tax return for 2018?

The deadline for filing your 2018 Ontario tax return was June 30, 2019.

How do I claim deductions for RRSP contributions?

You can claim up to 18% of your net income as a deduction for RRSP contributions. This amount is added to your total deductions.

What happens if I owe taxes but don't pay them?

The Canada Revenue Agency may charge interest and penalties on the unpaid amount. It's important to pay what you owe to avoid additional fees.

Can I file my Ontario tax return online?

Yes, you can file your return electronically through the Canada Revenue Agency's website or using approved tax software.