Tax Return Calculator Ontario 2015

Use this Ontario tax return calculator to estimate your 2015 tax liability or refund. The calculator provides a simplified estimate based on common Ontario tax rates and deductions. For an exact calculation, consult a tax professional or use official government forms.

How to Use This Calculator

To use the Ontario tax return calculator:

Enter your total taxable income for 2015
Select your filing status (Single, Married, or Other)
Enter any deductions you qualify for
Click "Calculate" to see your estimated tax return

The calculator will show you your estimated tax payable or refund amount based on Ontario's 2015 tax rates. Remember this is an estimate and your actual return may differ.

Formula Used

The calculator uses the following simplified formula to estimate your Ontario tax return:

Tax Payable = (Taxable Income × Tax Rate) - Deductions

Tax Return = Tax Payable - Tax Paid

Where:

Taxable Income = Total income - Deductions
Tax Rate = Ontario's progressive tax rates for 2015
Deductions = Any eligible deductions you entered
Tax Paid = Estimated tax paid during the year

Note: This is a simplified calculation. The actual Ontario tax return process involves more complex calculations and potential credits.

Worked Example

Let's calculate a tax return for a single filer with $50,000 taxable income, $5,000 in deductions, and $6,000 in tax paid during the year.

Taxable Income = $50,000 - $5,000 = $45,000
Tax Payable = ($45,000 × 20%) = $9,000
Tax Return = $9,000 - $6,000 = $3,000

In this example, the filer would receive an estimated tax refund of $3,000.

This example uses a simplified 20% tax rate. Actual Ontario tax rates are progressive and range from 5.05% to 13.16% depending on income level.

Frequently Asked Questions

Is this calculator accurate for my Ontario tax return?: This calculator provides an estimate based on simplified calculations. For an exact return, use official government forms or consult a tax professional.
What deductions should I include?: Common deductions include RRSP contributions, medical expenses, and charitable donations. Enter only deductions you qualify for.
How do I file my Ontario tax return?: You can file online through the Ontario government website, by mail, or at a tax office. The deadline for 2015 returns was April 30, 2016.
What if I owe more tax than I paid?: The calculator will show a negative result if you owe more tax than you paid. You'll need to pay the difference by the filing deadline.
Are there any tax credits I should consider?: Yes, Ontario offers various tax credits including the Basic Personal Amount, Canada Employment Amount, and Child Fitness Tax Credit.