|If you reach the maximum CPP/EI in 2015, you will see an increase in the amount of your net pay. Many employees reach their maximum level of CPP EI contributions sometime during the year.|
Calculate your 2015 income tax combined federal and provincial tax bill in the following each province and territory of Canada. Please note that our Canadian income tax calculator for the Year 2015 – 2016 doesn’t reflect the CPP and EI deductions or contributions.
Canadian Tax Brackets 2015 – Canada Federal Personal Income Tax Brackets Below (Provincial Income Tax Rates are not included):
- 15% on the first $44,701 of taxable income
- 22% on the next $44,702 of taxable income (on the portion of taxable income between $44,702 and $89,401)
- 26%on the next $89,402 of taxable income (on the portion of taxable income between $89,402 and $138,586)
- 29% of taxable income over $138,586
RRSP Contribution Limit 2015
The maximum RRSP contribution limit for 2015 is $24,930 (comparing to the last year 2014, $660 of RRSP limit has been increased for the year 2015). However, if you did not use all of your RRSP contribution limit for the years 1991-2014, you can carry forward the unused amount to 2015. Therefore, your RRSP contribution limit for 2015 may be more than $24,930.
First, you can calculate your income tax combined federal and provincial tax bill in each province and territory of Canada by entering your annual income. And then you can estimate your tax refund by entering your taxes paid, RRSP contributions and capital gains for the year 2014.
RRSP Over-Contributions Penalty / Excess Contributions
You are subject to a penalty of 1% per month on the portion of your RRSP contribution that exceeds your lifetime over-contribution limit of $2,000. The $2,000 is reduced when you have a negative RRSP deduction limit which may be due to a Past Service Pension Adjustment (PSPA) amount. Also, you can only qualify for the additional $2,000 amount if you were 19 or older than 19.
Tax Deadlines 2014 for the year 2013 | Canadian Income Tax Deadline
There are a number of tax deadline dates during the year 2014 when returns are due to be filed or payments are due to be paid as follows.
Tax Return Filing Deadline for Personal Income Tax: Generally, your tax return for the Year 2013 has to be filled on or before April 30, 2014.
RRSP Contribution Limit 2014
The maximum RRSP contribution limit for 2014 is $24,270 (comparing to the last year, 2013, $450 of RRSP limit has been increased for the year 2014) . However, if you did not use all of your RRSP contribution limit for the years 1991-2013, you can carry forward the unused amount to 2014. Therefore, your RRSP contribution limit for 2014 may be more than $24,270.