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Ontario Income Tax Refund Calculator 2014

Reviewed by Calculator Editorial Team

Use this Ontario Income Tax Refund Calculator 2014 to determine how much tax you can claim back from the Canada Revenue Agency (CRA) for the 2014 tax year. This calculator provides an estimate based on the 2014 tax tables and rates. For official calculations, consult the CRA or a tax professional.

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. Select your filing status from the dropdown menu.
  3. Click "Calculate" to see your estimated tax refund.

The calculator uses the 2014 Ontario tax tables to determine your tax liability. The result is an estimate and may not reflect your actual refund amount.

Formula Used

Ontario Income Tax Calculation

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

Tax = (Income × Tax Rate) - (Tax Credit × Filing Status Multiplier)

Where:

  • Income is your total taxable income
  • Tax Rate is the applicable progressive tax rate based on income brackets
  • Tax Credit is the basic personal amount (BPA) for your filing status
  • Filing Status Multiplier is 1 for single, 2 for married

The tax refund is calculated as:

Refund = Tax Paid - Tax Owed

Worked Example

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

  1. Determine the tax owed using the 2014 Ontario tax brackets:
    • $0 - $41,908: 20.05% tax rate
    • $41,909 - $50,000: 24.19% tax rate
  2. Calculate the tax for each bracket:
    • First $41,908: $41,908 × 20.05% = $8,381.64
    • Next $8,092: $8,092 × 24.19% = $1,958.36
  3. Total tax owed: $8,381.64 + $1,958.36 = $10,340.00
  4. Subtract the basic personal amount (BPA) of $11,474 for single filers: $10,340.00 - $11,474 = -$1,134.00
  5. If you paid $1,000 in taxes, your refund would be: $1,000 - (-$1,134) = $2,134.00

Note

This example uses simplified numbers. Actual tax calculations may vary based on deductions, credits, and other factors.

Frequently Asked Questions

How accurate is this calculator?
This calculator provides an estimate based on 2014 tax tables. For official calculations, consult the Canada Revenue Agency or a tax professional.
What is the basic personal amount (BPA)?
The BPA is a tax credit that reduces your taxable income. In 2014, the BPA was $11,474 for single filers and $22,948 for married filers.
Do I need to pay provincial taxes if I already paid federal taxes?
Yes, Ontario has its own progressive tax system. The provincial tax is calculated separately from federal tax.
Can I claim the same deductions on both federal and provincial returns?
Generally, yes. Many deductions are eligible for both federal and provincial tax returns, but some may have different rules.
When will I receive my tax refund?
Refund timing varies. The Canada Revenue Agency typically processes refunds within 4 to 6 weeks after receiving your return.