Child Tax Calculator 2017 Ontario
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Reviewed by Calculator Editorial Team
Use this calculator to determine your 2017 Ontario child tax benefits. The Ontario government provides financial assistance to families with children through various tax credits and benefits. This calculator helps you estimate how much you might qualify for based on your family's income and the number of children.
How the 2017 Ontario Child Tax Calculator Works
The Ontario Child Tax Calculator for 2017 is based on the Ontario government's child benefits program, which includes the Ontario Child Benefit (OCB) and the Ontario Child Tax Credit (OCTC). These benefits are designed to support families with children by reducing their tax liability or providing direct payments.
Key Components of the 2017 Ontario Child Benefits
The 2017 Ontario child benefits program included several key components:
- Ontario Child Benefit (OCB): A monthly payment made to eligible families with children under 18.
- Ontario Child Tax Credit (OCTC): A refundable tax credit that reduces the amount of income tax owed.
- Family Tax Credit (FTC): A non-refundable tax credit that provides additional support for families with children.
Important Note
The 2017 Ontario child benefits program had specific eligibility criteria and income thresholds. The calculator uses the rates and thresholds that were in effect during that year. For the most current information, consult the Ontario government's official resources.
How to Use the Calculator
Using the calculator is straightforward. Follow these steps:
- Enter your family's income: Input your total family income for the year.
- Select the number of children: Choose the number of children in your family.
- Click "Calculate": The calculator will compute your estimated child tax benefits.
- Review the results: The calculator will display your estimated benefits, including the Ontario Child Benefit, Ontario Child Tax Credit, and Family Tax Credit.
The calculator provides an estimate based on the 2017 Ontario child benefits program. For exact figures, consult the Canada Revenue Agency (CRA) or the Ontario government's official resources.
Formula Used
The calculator uses the following formula to estimate your 2017 Ontario child tax benefits:
Ontario Child Benefit (OCB)
Monthly payment per child: $100 (for children under 6) or $50 (for children aged 6-17)
Total monthly OCB = (Number of children under 6 × $100) + (Number of children aged 6-17 × $50)
Total annual OCB = Total monthly OCB × 12
Ontario Child Tax Credit (OCTC)
Basic credit per child: $1,000
Additional credit for low-income families: $500 per child
Total OCTC = (Number of children × $1,000) + (Number of children × $500 if eligible)
Family Tax Credit (FTC)
Basic credit: $1,000
Additional credit for each child: $500
Total FTC = $1,000 + (Number of children × $500)
The calculator combines these components to provide an estimate of your total child tax benefits for 2017.
Worked Examples
Here are two examples of how the calculator works:
Example 1: Family with Two Children
Income: $50,000
Children: 2 (one under 6, one aged 6-17)
Calculations:
- OCB: ($100 × 1) + ($50 × 1) = $150/month × 12 = $1,800/year
- OCTC: (2 × $1,000) + (2 × $500) = $3,000
- FTC: $1,000 + (2 × $500) = $2,000
- Total Benefits: $1,800 + $3,000 + $2,000 = $6,800
Example 2: Family with Three Children
Income: $60,000
Children: 3 (all under 6)
Calculations:
- OCB: ($100 × 3) = $300/month × 12 = $3,600/year
- OCTC: (3 × $1,000) + (3 × $500) = $4,500
- FTC: $1,000 + (3 × $500) = $2,500
- Total Benefits: $3,600 + $4,500 + $2,500 = $10,600
Note
These examples are based on the 2017 Ontario child benefits program. Actual benefits may vary based on your specific circumstances and changes to the program.
Frequently Asked Questions
What is the Ontario Child Benefit (OCB)?
The Ontario Child Benefit (OCB) is a monthly payment made to eligible families with children under 18. The amount varies based on the child's age.
How is the Ontario Child Tax Credit (OCTC) calculated?
The Ontario Child Tax Credit (OCTC) is a refundable tax credit that provides additional support for families with children. The amount is based on the number of children and your family's income.
What is the Family Tax Credit (FTC)?
The Family Tax Credit (FTC) is a non-refundable tax credit that provides additional support for families with children. The amount is based on the number of children in your family.
How accurate is the 2017 Ontario Child Tax Calculator?
The calculator provides an estimate based on the 2017 Ontario child benefits program. For exact figures, consult the Canada Revenue Agency (CRA) or the Ontario government's official resources.
Can I use this calculator for other years?
This calculator is specifically designed for the 2017 Ontario child benefits program. For other years, consult the Ontario government's official resources or use a calculator designed for that specific year.