Income Tax Refund Calculator Ontario 2016
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Reviewed by Calculator Editorial Team
Use this Ontario income tax refund calculator to estimate your 2016 tax refund amount. The calculator uses the 2016 Ontario tax rates and provides a clear breakdown of your potential refund.
How to Use This Calculator
To calculate your Ontario income tax refund for 2016:
- Enter your total taxable income for 2016 in the first field.
- Enter any tax credits or deductions you received in the second field.
- Click the "Calculate" button to see your estimated refund amount.
The calculator will show you your estimated refund amount based on the 2016 Ontario tax rates. Remember that this is an estimate and your actual refund may vary.
Formula Used
The Ontario income tax refund is calculated using the following formula:
Refund Amount = (Taxable Income - Tax Owed) + Tax Credits
Where:
- Taxable Income is your total income minus any deductions
- Tax Owed is calculated using the 2016 Ontario tax brackets
- Tax Credits are any credits you received from the government
The 2016 Ontario tax brackets were:
| Taxable Income | Tax Rate |
|---|---|
| $0 - $41,907 | 20.05% |
| $41,908 - $83,810 | 24.18% |
| $83,811 - $150,000 | 29.65% |
| Over $150,000 | 35.60% |
Worked Example
Let's calculate a refund for someone with $50,000 in taxable income and $1,000 in tax credits.
- First, calculate the tax owed:
- $41,907 × 20.05% = $8,381.44
- ($50,000 - $41,907) × 24.18% = $1,921.96
- Total tax owed = $8,381.44 + $1,921.96 = $10,303.40
- Then calculate the refund:
- ($50,000 - $10,303.40) + $1,000 = $39,696.60 + $1,000 = $30,696.60
This person would receive approximately $30,696.60 in their 2016 Ontario tax refund.
Frequently Asked Questions
How do I get my Ontario tax refund?
You'll receive your Ontario tax refund automatically through direct deposit if you filed electronically. If you filed a paper return, you'll receive a check in the mail.
When will I get my refund?
Refunds are typically processed within 4 to 6 weeks after the Canada Revenue Agency (CRA) receives and processes your return.
What if I don't get my expected refund?
If you don't receive your expected refund, contact the CRA to check your return status. You may need to provide additional documentation.