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Income Tax Refund Calculator Ontario 2017

Reviewed by Calculator Editorial Team

Use this Ontario income tax refund calculator to estimate your 2017 tax refund based on your income, deductions, and credits. The calculator uses the 2017 Ontario tax rates and formulas to provide an accurate estimate of your potential refund.

How the Ontario 2017 Tax Refund Calculator Works

The Ontario income tax refund calculator estimates your 2017 tax refund by applying the following steps:

  1. Calculate your taxable income by subtracting eligible deductions from your total income.
  2. Apply the Ontario 2017 tax rates to your taxable income to determine your provincial tax.
  3. Subtract any tax credits from your provincial tax to determine your net provincial tax.
  4. Calculate your federal tax using the 2017 federal tax rates.
  5. Subtract any federal tax credits from your federal tax to determine your net federal tax.
  6. Add your provincial and federal taxes to determine your total tax liability.
  7. Subtract your total tax liability from your total income to determine your tax refund.

Formula: Refund = (Total Income - Deductions) - (Provincial Tax + Federal Tax - Credits)

The calculator uses the 2017 Ontario tax rates and formulas, which may differ from current tax laws. For exact figures, consult the Canada Revenue Agency or a tax professional.

Ontario 2017 Tax Brackets

The 2017 Ontario tax rates were as follows:

Taxable Income Provincial Tax Rate
$0 - $42,961 5.05%
$42,962 - $85,923 9.15%
$85,924 - $150,000 11.16%
$150,001 - $220,000 12.16%
Over $220,000 13.16%

The federal tax rates for 2017 were:

Taxable Income Federal 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%

Deductions and Tax Credits

Eligible deductions can reduce your taxable income, while tax credits can directly reduce your tax liability. Common deductions and credits in 2017 included:

Common Deductions

  • RRSP contributions
  • Medical expenses
  • Donations to registered charities
  • Home office expenses
  • Tuition and education expenses

Common Tax Credits

  • Canada Child Benefit
  • Provincial childcare expenses
  • Homeowners' property tax credit
  • Lifetime learning credit
  • Disabled persons credit

Note: The availability and amounts of deductions and credits may vary based on your specific circumstances. Always consult a tax professional for personalized advice.

Worked Example

Let's calculate a tax refund for someone with $60,000 in total income, $5,000 in deductions, and $1,000 in tax credits.

  1. Taxable income = $60,000 - $5,000 = $55,000
  2. Provincial tax = $55,000 × 9.15% = $5,032.50
  3. Federal tax = $55,000 × 20.5% = $11,275.00
  4. Total tax = $5,032.50 + $11,275.00 = $16,307.50
  5. Net tax = $16,307.50 - $1,000 = $15,307.50
  6. Refund = $60,000 - $15,307.50 = $44,692.50

This example shows a potential refund of $44,692.50 for the given inputs.

Frequently Asked Questions

How accurate is the Ontario 2017 tax refund calculator?

The calculator provides an estimate based on the 2017 tax rates and formulas. For exact figures, consult the Canada Revenue Agency or a tax professional.

Can I use this calculator for my 2017 tax return?

This calculator provides an estimate. For your actual tax return, use official tax software or consult a tax professional.

What if I have additional deductions or credits not listed?

You can adjust the calculator inputs to account for additional deductions or credits. For complex situations, consult a tax professional.

Are the tax rates the same for everyone in Ontario?

The tax rates apply to most Ontarians, but there may be exceptions for certain groups. For personalized advice, consult a tax professional.