Ontario Income Tax Calculator 2014

How to Use This Calculator

Using this Ontario income tax calculator is simple:

1. Enter your total taxable income for 2014 in the "Income" field.
2. Select your filing status (Single, Married, or Other).
3. Enter any applicable deductions in the "Deductions" field.
4. Click "Calculate" to see your estimated tax liability.
5. Review the breakdown of your tax calculation.

The calculator will show you the federal and provincial tax amounts separately, as well as the total tax owed. You can also see how much you'll have left after taxes.

Ontario Tax Rates 2014

In 2014, Ontario had the following progressive tax rates:

These rates apply to both federal and provincial taxes. The calculator combines both to give you the total tax owed.

Common Deductions

Several deductions can reduce your taxable income:

• RRSP contributions (up to $25,000 in 2014)
• Medical expenses over 3% of income
• Donations to registered charities
• Tuition and education expenses
• Pension contributions

Enter these amounts in the deductions field to get a more accurate tax estimate.

Worked Example

Let's calculate the tax for a single person with $50,000 income and $5,000 in deductions:

1. Taxable income = $50,000 - $5,000 = $45,000
2. Federal tax:
   • $10,922 × 15% = $1,638.30
   • ($45,000 - $10,922) × 22% = $7,361.44
   • Total federal tax = $1,638.30 + $7,361.44 = $9,000.00
3. Ontario tax:
   • $10,922 × 5.05% = $550.51
   • ($45,000 - $10,922) × 9.15% = $3,150.74
   • Total Ontario tax = $550.51 + $3,150.74 = $3,701.25
4. Total tax = $9,000.00 + $3,701.25 = $12,701.25
5. Take-home pay = $50,000 - $12,701.25 = $37,298.75