Tax Refund Calculator Ontario 2014

How to Use This Calculator

To calculate your Ontario tax refund for 2014, follow these steps:

1. Enter your total taxable income for 2014.
2. Select your filing status (Single, Married, or Other).
3. Enter any applicable deductions or credits.
4. Click "Calculate" to see your estimated refund amount.

The calculator will show you your estimated tax liability and refund amount based on the 2014 Ontario tax rates.

Formula Used

The calculator uses the following tax brackets for 2014:

• Single filers: 5.05% on first $41,908, 9.15% on next $41,908, 11.16% on next $50,000, 12.16% on amounts over $133,816
• Married filers: 5.05% on first $83,817, 9.15% on next $83,817, 11.16% on next $100,000, 12.16% on amounts over $267,634

Worked Example

Let's calculate the tax refund for a single filer with $60,000 income and $5,000 deductions:

1. First $41,908 taxed at 5.05%: $41,908 × 0.0505 = $2,117.94
2. Next $18,092 taxed at 9.15%: $18,092 × 0.0915 = $1,655.67
3. Total tax before deductions: $2,117.94 + $1,655.67 = $3,773.61
4. Subtract deductions: $3,773.61 - $5,000 = -$1,226.39

This means the filer would receive a tax refund of $1,226.39.