Income Tax Return Calculator 2014 Ontario

This calculator helps you estimate your 2014 Ontario income tax return. Enter your taxable income and deductions to calculate your provincial tax liability. The results are based on the 2014 Ontario tax rates and brackets.

How to Use This Calculator

To calculate your 2014 Ontario income tax return:

Enter your total taxable income in the "Taxable Income" field.
Select your filing status (Single, Married, or Other).
Enter any applicable tax credits or deductions.
Click "Calculate" to see your estimated tax liability.
Review the breakdown of your tax calculation.

This calculator provides an estimate. For an exact return, consult a tax professional or use official government forms.

Ontario Income Tax Formula

The 2014 Ontario income tax is calculated using progressive tax brackets. The formula is:

Ontario Tax = Sum of (Taxable Income × Tax Rate for each Bracket)

The 2014 tax brackets for Ontario were:

Taxable Income	Tax Rate
$0 - $40,922	5.05%
$40,922.01 - $81,847	9.15%
$81,847.01 - $90,000	11.16%
$90,000.01 - $100,000	12.16%
Over $100,000	13.16%

Example Calculation

Let's calculate the tax for a single filer with $50,000 taxable income:

$40,922 × 5.05% = $2,064.01
($50,000 - $40,922) × 9.15% = $863.89
Total tax = $2,064.01 + $863.89 = $2,927.90

Using the calculator, you would enter $50,000 as taxable income and select "Single" as your filing status to get this result.

Tax Credits and Deductions

Ontario offers various tax credits and deductions that can reduce your taxable income. Common ones include:

Basic Personal Amount: $10,510 for single filers
Canada Employment Amount: $3,360 for single filers
Provincial Tax Credit: 15% of federal tax paid

These credits are automatically applied in the calculator when you enter your taxable income.

Frequently Asked Questions

Is this calculator official?: No, this is an estimate based on 2014 tax rates. For official calculations, use the Canada Revenue Agency's forms.
What if I have RRSP contributions?: RRSP contributions are deducted from your taxable income. Enter your net taxable income after these deductions.
Are tax credits included?: Yes, the calculator includes standard tax credits for single filers. For other filing statuses, consult the official tax tables.
What about capital gains?: Capital gains are taxed at a different rate. This calculator focuses on regular income tax.
When should I file my return?: The 2014 tax year ended December 31, 2014. Returns were due April 30, 2015.