Income Tax Calculator Ontario Canada 2014
'/%3E%3Ccircle cx='48' cy='39' r='19' fill='%23f2c9a5'/%3E%3Cpath d='M27 35c3-16 39-17 42 2-8-8-27-9-42-2z' fill='%23374151'/%3E%3Cpath d='M21 86c5-24 49-28 56 0z' fill='%232563eb'/%3E%3Ccircle cx='41' cy='41' r='2' fill='%23111827'/%3E%3Ccircle cx='55' cy='41' r='2' fill='%23111827'/%3E%3Cpath d='M42 52c4 3 9 3 13 0' stroke='%2392400e' stroke-width='3' fill='none' stroke-linecap='round'/%3E%3C/svg%3E)
Reviewed by Calculator Editorial Team
Calculate your 2014 Ontario income tax with this official tax calculator. This tool provides accurate results based on the 2014 tax brackets and formulas used by the Canada Revenue Agency (CRA).
How to Use This Calculator
To calculate your 2014 Ontario income tax:
- Enter your total taxable income in the calculator.
- Select your filing status (Single, Married, or Other).
- Click "Calculate" to see your estimated tax liability.
- Review the breakdown of federal and provincial taxes.
The calculator shows your total tax payable, federal tax, and Ontario tax. You can also view a chart showing the tax breakdown.
Ontario Tax Brackets 2014
In 2014, Ontario used the following progressive tax rates for individuals:
| Taxable Income | Tax Rate |
|---|---|
| $0 - $41,911 | 5.05% |
| $41,912 - $83,821 | 9.15% |
| $83,822 - $104,735 | 11.16% |
| $104,736 - $209,440 | 12.16% |
| Over $209,440 | 13.16% |
These rates apply to the portion of income that falls within each bracket.
Federal Tax Calculation
The federal tax calculation for 2014 used the following brackets:
| Taxable Income | Tax Rate |
|---|---|
| $0 - $45,282 | 15% |
| $45,283 - $90,563 | 20.5% |
| $90,564 - $140,388 | 26% |
| $140,389 - $200,000 | 29% |
| Over $200,000 | 33% |
The federal tax is calculated progressively based on your taxable income.
Ontario Tax Calculation
The Ontario tax calculation uses the brackets shown above. The total tax payable is the sum of federal and provincial taxes.
Formula Used
Total Tax = Federal Tax + Ontario Tax
Federal Tax is calculated using the federal tax brackets.
Ontario Tax is calculated using the Ontario tax brackets.
Example Calculation
Let's calculate the tax for a single filer with $50,000 taxable income in 2014.
- Federal Tax:
- $45,282 × 15% = $6,792.30
- Remaining $4,718 × 20.5% = $964.27
- Total Federal Tax = $7,756.57
- Ontario Tax:
- $41,911 × 5.05% = $2,114.56
- Remaining $8,089 × 9.15% = $737.41
- Total Ontario Tax = $2,851.97
- Total Tax Payable = $7,756.57 + $2,851.97 = $10,608.54
This example shows the progressive tax calculation for a single filer with $50,000 income.
Frequently Asked Questions
- What is the tax rate for Ontario in 2014?
- The Ontario tax rates for 2014 ranged from 5.05% to 13.16% depending on your taxable income.
- How is the federal tax calculated?
- The federal tax is calculated using progressive brackets with rates from 15% to 33%.
- Can I use this calculator for 2015 or later years?
- No, this calculator is specifically for 2014 tax calculations. Tax rates and brackets change each year.
- Does this calculator include CPP and EI deductions?
- No, this calculator shows the basic tax liability. CPP and EI deductions are not included.
- Where can I find official tax tables?
- The Canada Revenue Agency provides official tax tables on their website.