Capital Gains Calculator Ontario 2017

Calculate your Ontario capital gains tax for the 2017 tax year using this official calculator. Understand the tax rates, exemptions, and how to report your gains properly.

How to Use This Calculator

This calculator helps you determine your Ontario capital gains tax for the 2017 tax year. Follow these steps:

Enter the total capital gain amount
Select your Ontario tax bracket
Click "Calculate" to see your tax liability
Review the detailed breakdown of your calculation

The calculator uses the official Ontario capital gains tax rates for 2017 and provides a clear breakdown of your taxable amount and tax owed.

Ontario Capital Gains Tax

Capital gains tax is applied to the profit you make from selling an asset for more than you paid for it. In Ontario, capital gains are taxed at the same rate as your Ontario income tax bracket.

2017 Ontario Capital Gains Tax Rates

Taxable Income	Marginal Tax Rate
$0 - $44,701	5.05%
$44,702 - $89,404	9.15%
$89,405 - $150,000	11.16%
$150,001 - $220,000	12.16%
$220,001+	13.16%

These rates are progressive, meaning the higher your taxable income, the higher your capital gains tax rate.

Calculation Method

The Ontario capital gains tax is calculated using the following formula:

Capital Gains Tax = Capital Gain × Ontario Tax Rate

Where the Ontario tax rate is determined by your Ontario taxable income for the year.

Key Considerations

Capital gains are taxed at the same rate as your Ontario income tax bracket
There is no separate capital gains tax rate in Ontario
Capital losses can be used to offset capital gains
Certain assets may have special rules for capital gains taxation

Examples

Example 1: Low Income Bracket

If you have a capital gain of $10,000 and your Ontario taxable income is $30,000, your capital gains tax would be:

$10,000 × 5.05% = $505

Example 2: Higher Income Bracket

If you have a capital gain of $50,000 and your Ontario taxable income is $120,000, your capital gains tax would be:

$50,000 × 11.16% = $5,580

Reporting Requirements

You must report capital gains on your Ontario tax return. The Canada Revenue Agency (CRA) requires you to provide:

Description of the asset sold
Date of acquisition and sale
Purchase price and sale price
Any expenses related to the sale

Note: The CRA may audit your capital gains records. Keep all documentation for at least six years.

Frequently Asked Questions

How do I report capital gains in Ontario?

Capital gains are reported on Schedule 3 of your Ontario tax return. You'll need to provide details about each asset you sold for a profit.

Can I deduct capital losses from my income?

Yes, you can use capital losses to offset capital gains. Any remaining losses can be carried forward to future years.

Are there any exemptions for capital gains in Ontario?

Ontario does not have specific exemptions for capital gains. The tax is applied based on your Ontario income tax bracket.

How do I determine my Ontario tax bracket?

Your Ontario tax bracket is determined by your Ontario taxable income, which is calculated based on your total income minus deductions and credits.