Income Tax Refund Calculator Ontario 2014

How to Use This Calculator

To calculate your Ontario income tax refund for 2014:

1. Enter your total taxable income for 2014 in the "Taxable Income" field.
2. Enter the total amount of federal tax withheld from your paychecks in the "Federal Tax Withheld" field.
3. Enter the total amount of Ontario tax withheld from your paychecks in the "Ontario Tax Withheld" field.
4. Click the "Calculate" button to see your estimated refund amount.

The calculator will display your estimated refund amount based on the information you provided. Keep in mind that this is an estimate and your actual refund may vary slightly due to rounding or other factors.

Formula Used

The income tax refund is calculated using the following formula:

Where:

• Federal Tax Owed is calculated using the 2014 federal tax brackets.
• Ontario Tax Owed is calculated using the 2014 Ontario tax brackets.

If the result is negative, it means you owe additional taxes rather than receiving a refund.

Worked Example

Let's say you had a taxable income of $50,000 in 2014, $10,000 in federal tax withheld, and $5,000 in Ontario tax withheld. Here's how the calculation would work:

1. Federal tax owed: $10,000 (using 2014 federal tax brackets)
2. Ontario tax owed: $5,000 (using 2014 Ontario tax brackets)
3. Total tax owed: $15,000
4. Total tax withheld: $15,000
5. Refund amount: $0 (since withheld equals owed)

In this example, you would not receive a refund because the amount withheld equals the amount owed.