Canadian Income Tax Calculator | Canada Tax Information

Canadian Tax Brackets 2013 | Income Tax Rates

admin — Wed, 17 Oct 2012 15:05:19 +0000

Canadian Tax Brackets and Income Tax Rates for the Year, 2013

Both the federal and provincial governments have imposed income taxes on individuals and the federal government charges the bulk of income taxes with the provinces charging a somewhat lower percentage. Income taxes throughout Canada are progressive with the high income residents paying a higher percentage than the low income residents.

Tax Brackets 2013
Canada Income Tax Rates for the Year 2013

Canadian Tax Brackets 2013:

Listed below are the combined provincial and federal personal income tax rate brackets for the Year 2013.
Rates are subject to change in accordance with federal and provincial budgets.

**Provincial / Federal Canadian Tax Brackets & Rates (combined chart)**
Taxable Income	Tax Brackets & Rate(s)
$20,000 – $40,000	9.9% on the first $20,000 of taxable income 13.3%on the first $30,000 of taxable income 15.2% on the first $40,000 of taxable income
$42,000 – $58,000	15.7% on the first $42,000 of taxable income 18.2%on the first $50,000 of taxable income 20.0% on the first $58,000 of taxable income
$60,000 – $70,000	20.3% on the first $60,000 of taxable income 21.3%on the first $66,000 of taxable income 22.0% on the first $70,000 of taxable income
$72,000 – $82,000	22.3% on the first $72,000 of taxable income 22.8%on the first $76,000 of taxable income 23.9% on the first $82,000 of taxable income
$84,000 – $94,000	24.4% on the first $84,000 of taxable income 25.6%on the first $90,000 of taxable income 26.4% on the first $94,000 of taxable income
$96,000 – $115,000	26.7% on the first $96,000 of taxable income 28.2%on the first $105,000of taxable income 29.5% on the first $115,000 of taxable income
$120,000 – $150,000	30.1% on the first $120,000 of taxable income 30.6%on the first $125,000of taxable income 33.2% on the first $150,000 of taxable income
$200,000 – $400,000	36.5% on the first $200,000 of taxable income 39.8%on the first $300,000 of taxable income 41.4% on the first $400,000 of taxable income
$500,000	42.4% on the first $500,000 of taxable income 21.3%on the first $66,000 of taxable income 22.0% on the first $70,000 of taxable income

Income Tax Rates for the Year 2013:

-Federal personal income tax rates below (provincial income tax rates are not included)

15% on the first $43,561 of taxable income
22% on the next $43,562 of taxable income (on the portion of taxable income between $43,562 and $87,123)
26%on the next $87,124 of taxable income (on the portion of taxable income between $87,124 and $135,054)
29% of taxable income over $135,054

Canadian personal income tax can be deferred in a Registered Retirement Savings Plan (RRSP) and tax sheltered savings accounts (which may include mutual funds and other financial instruments) that are intended to help individuals save for their retirement.

RRSP Contribution Limit 2013

admin — Tue, 16 Oct 2012 15:47:31 +0000

RRSP Contribution Limit 2013 & RRSP Deduction Limit for the Year 2013

How much can I contribute to my own RRSPs for the year 2013?

The maximum RRSP contribution limit 2013 is $23,820. However, if you did not use all of your RRSP contribution limit for the years 1991-2012, you can carry forward the unused amount to 2013. Therefore, your RRSP contribution limit for 2013 may be more than $23,820.

The maximum RRSP contribution limit for subsequent years is as follows:

2013 maximum RRSP contribution limit: $23,820
2012 maximum RRSP contribution limit: $22,970
2011 maximum RRSP contribution limit: $22,450
2014 maximum RRSP contribution limit: Indexed to inflation
2015 maximum RRSP contribution limit: Indexed to inflation

Generally, the amount you can contribute to your own RRSPs or your spouse’s RRSPs, or your common-law partner’s RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit. This is often called your “contribution room”. Amounts that you contribute above this limit may be considered excess contributions. Your RRSP deduction limit is shown on the latest Notice of Assessment, Notice of Reassessment, or on a T1028, Your RRSP Information for 2013, that Canada Revenuse Agency sent you after processing your 2013 return. You can also find out about your contribution room by registering for My Account. Once you’ve registered and received your password, you can sign in and access your RRSP Deduction Limit Statement online.

RRSP Deduction Limit 2013

The amount of RRSP contributions that you can deduct on your tax return for a given year is determined by your RRSP deduction limit.
Your RRSP deduction limit can be found on the RRSP Deduction Limit Statement which appears on your latest Notice of Assessment or Notice of Reassessment or on a T1028, Your RRSP Information for 2013.

On your 2013 income tax return, you can deduct contributions you made to your RRSPs between January 1, 1991, and March 01, 2014. You can deduct these contributions if you did not deduct them for any other year and if they are not more than your RRSP deduction limit for 2013.

If you can no longer contribute to your RRSPs in 2013 because of your age (the year after you turn 69; beginning in 2013, under proposed legislation, the year after you turn 71) you can still deduct the contributions you made in a previous year, up to your RRSP deduction limit.

Please note that repayments under the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP) are not deductible on your return even though the RRSP issuer will give you an official receipt for the contribution. You will record your repayments on Schedule 7, which you will file with your tax return.

Please note that generally, amounts you transfer directly to your RRSP do not affect your RRSP deduction limit. However, you may need to include an amount in income and claim an offsetting deduction.

The maximum RRSP deduction limit for 2013 is $23,820. However, if you did not use all of your RRSP deduction limit for the years 1991-2012, you can carry forward the unused amount to 2013. Therefore, your RRSP deduction limit for 2013 may be more than $23,820.

The maximum RRSP deduction limit for subsequent years is as follows:

2013 maximum RRSP deduction limit: $23,820

RRSP Terms:

RRSP contribution – This is the amount you pay, in cash or in kind, at the time you contribute to an RRSP.
RRSP deduction – Refers to the amount you indicate on line 208 when you file your return.
RRSP deduction limit – This refers to the maximum amount you can deduct from contributions you made to your RRSPs or to a spousal or common-law partner RRSP for a year. The calculation is based, in part, on your previous year earned income (excluding transfers to your RRSPs of certain types of qualifying income). Pension adjustments (PAs), past service pension adjustments (PSPAs), pension adjustment reversals (PARs), and your unused RRSP deduction room, are also used to calculate the limit.

2013 Income Tax Calculator Canada

admin — Mon, 15 Oct 2012 13:53:59 +0000

Income Tax Calculator Canada for Your 2013 Income Tax

Calculate your 2013 income tax combined federal and provincial tax bill in each province and territory of Canada (Ontario, Alberta, BC, Quebec, Nova Scotia, Manitoba, etc). Please note that our Canadian income tax calculator 2013 doesn’t reflect the CPP and EI deductions or contributions for your 2013 income tax rates.

Click Here to Use Income Tax Calculator Canada!

(See the sample of Canadian income tax calculator 2013 below:)

Province:

Income for the Year 2013

(Do not use comma)

Canadian Income Tax Calculator 2013

Tax Payable:	$16,723.95
After Tax Income:	$58,276.05
Average Tax Rate:	22.30%
Marginal Tax Rate:	32.50%

These values and rates give you a basic idea about how much tax you should pay and they are not guaranteed to be accurate. These For informational purposes only!

These calculations do not include non-refundable tax credits other than the basic personal tax credit. To determine the value of other non-refundable tax credits that may be available, see the Canadian income tax rates.

CPP EI Maximum 2013 | CPP EI Rates, Contributions, Deductions

admin — Sat, 13 Oct 2012 15:58:27 +0000

If you reach the maximum CPP/EI in 2013, 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. If you reach the maximum level of CPP / EI, you will see an increase in the amount of your net pay as there will no longer be CPP / EI deductions withheld. Beginning with the new year, you will recommence paying CPP EI contributions until such time as you reach the maximum CPP EI contribution level for 2013.Check out 2013 CPP EI Maximum Contributions below.

CPP Maximum 2013 | CPP Rates for the Year 2013

The maximum CPP contribution to the plan for 2013 will be increased by $49.50 to $2,356.20, representing an increase of about 4% over the last year and the maximum self-employed CPP contribution for 2013 will be $4,712.40. The CPP maximums for the Year 2012 were $2,306.70 and $4,613.40.

The CPP Rates, effective January 1, 2013, forecast to remain unchanged at 4.95% of pensionable earnings. The basic exemption amount for 2013 expects to remain $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.

EI Maximum 2013 | EI Rates for the Year 2013

Your rate of EI premiums (excluding employees working in the province of Quebec), for the 2013 taxation year forecasts to remain at 1.73% of insurable earnings. The annual maximum insurable earnings will be increasing from $45,900 to $47,600. The maximum EI contribution to the plan for 2013 will be around $893.18. The EI maximum for the Year 2012 was $839.97. Once you reach the annual maximum premium deduction of your EI maximum in 2013, you will see an increase in the amount of your net pay as there will no longer be EI deductions withheld from your pay.

Maximum CPP Contribution | CPP Deduction 2013

At the beginning of the year 2013, the lowest rate of the two possible rates of contribution to the public service pension plan is used until the maximum level of contribution for that rate is reached. Then, the higher rate of contribution is used for the remainder of the year. Beginning with the new year, public service pension plan contributions recommence at the low rate, until such time as they reach the maximum level of the contributions for the low rate. Therefore, if you are a contributor under the public service pension plan and you compare your last pay in December to your first pay in January, you may see that you have paid a larger amount to the plan in December than in January.

RRSP Deadline 2013

admin — Fri, 12 Oct 2012 15:51:37 +0000

RRSP Deadline 2013 for 2012 RRSP Contribution

RRSP Deadline 2013 for 2012 Tax Year: March 01, 2013

Your RRSP deadline for contributing to your RRSP for the 2012 tax year has to be before March 01, 2013.

The maximum RRSP contribution limit for 2012 is $22,970. However, if you did not use all of your RRSP contribution limit for the years 1991-2009, you can carry forward the unused amount to 2011. Therefore, your RRSP contribution limit for 2012 may be more than $22,970.

2012 maximum RRSP contribution limit: $22,970

A Registered Retirement Savings Plan (RRSP) is a retirement investment plan registered with the government to which you or your spouse can contribute through RRSP-eligible investments, such as some stocks and mutual funds. For information on what investments are RRSP eligible, please contact a financial advisor and/or your financial institution.

Deductible RRSP contributions can be used as a means to reduce your taxes. Amounts earned in the RRSP investment is usually exempt from tax for the time the funds remain in the plan. When you cash in or receive payments from the plan (typically at retirement) you will then pay tax on those amounts.

2012 Income Tax Rates Canada | Tax Brackets 2012

admin — Wed, 03 Oct 2012 19:30:02 +0000

2012 Income Tax Rates Canada | Tax Brackets 2012

Canada Income Tax Rates for the Year 2012
Tax Brackets 2012

Income Tax Rates for the Year 2012:

15% on the first $42,707 of taxable income
22% on the next $42,707 of taxable income (on the portion of taxable income between $42,707 and $85,414)
26%on the next $85,414 of taxable income (on the portion of taxable income between $85,414 and $132,406)
29% of taxable income over $132,406

Canadian Tax Brackets 2012:

Listed below are the combined provincial and federal personal income tax rate brackets for the Year 2012.
Rates are subject to change in accordance with federal and provincial budgets.

**Provincial / Federal Tax Rates (combined chart)**
Taxable	Income Tax Rate(s)
$20,000 – $40,000	9.9% on the first $20,000 of taxable income 13.3%on the first $30,000 of taxable income 15.2% on the first $40,000 of taxable income
$42,000 – $58,000	15.7% on the first $42,000 of taxable income 18.2%on the first $50,000 of taxable income 20.0% on the first $58,000 of taxable income
$60,000 – $70,000	20.3% on the first $60,000 of taxable income 21.3%on the first $66,000 of taxable income 22.0% on the first $70,000 of taxable income
$72,000 – $82,000	22.3% on the first $72,000 of taxable income 22.8%on the first $76,000 of taxable income 23.9% on the first $82,000 of taxable income
$84,000 – $94,000	24.4% on the first $84,000 of taxable income 25.6%on the first $90,000 of taxable income 26.4% on the first $94,000 of taxable income
$96,000 – $115,000	26.7% on the first $96,000 of taxable income 28.2%on the first $105,000of taxable income 29.5% on the first $115,000 of taxable income
$120,000 – $150,000	30.1% on the first $120,000 of taxable income 30.6%on the first $125,000of taxable income 33.2% on the first $150,000 of taxable income
$200,000 – $400,000	36.5% on the first $200,000 of taxable income 39.8%on the first $300,000 of taxable income 41.4% on the first $400,000 of taxable income
$500,000	42.4% on the first $500,000 of taxable income 21.3%on the first $66,000 of taxable income 22.0% on the first $70,000 of taxable income

RRSP Calculator 2012

admin — Wed, 03 Oct 2012 17:03:54 +0000

2012 RRSP Calculator Canada

Calculate the tax savings your 2012 RRSP (Registered Retirement Saving Plan) contribution generates in each province and territory. RRSP Deadline for 2012 Tax Year: March 01, 2013!

RRSP Calculator 2012 will estimate your RRSP tax savings based on your RRSP contribution amount and income level for the year 2012. Be sure to enter your RRSP over contribution amount, if any.

Click Here to Use RRSP Tax Savings Calculator!

* Assumes RRSP contribution amount is fully deductible.

2012 Income Tax Calculator Canada

admin — Tue, 02 Oct 2012 09:07:14 +0000

2012 Income Tax Calculator Canada & Canadian Income Tax Rates

Calculate your 2012 income tax combined federal and provincial tax bill in each province and territory of Canada. Please note that our Canadian income tax calculator 2012 doesn’t reflect the CPP and EI deductions or contributions for your 2012 income tax rates.

Click Here to Use 2012 Income Tax Calculator Canada!

(See the sample of Canadian income tax calculator 2012 below:)

Province:

Income for the Year 2012

(Do not use comma)

Canadian Income Tax Calculator 2012

Tax Payable:	$16,723.95
After Tax Income:	$58,276.05
Average Tax Rate:	22.30%
Marginal Tax Rate:	32.50%

These values and rates give you a basic idea about how much tax you should pay and they are not guaranteed to be accurate. These For informational purposes only!

CPP EI Maximum 2012 | CPP EI Rates, Contributions, Deductions

admin — Tue, 02 Oct 2012 09:00:47 +0000

If you reach the maximum CPP/EI in 2012, 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. If you reach the maximum level of CPP / EI, you will see an increase in the amount of your net pay as there will no longer be CPP / EI deductions withheld. Beginning with the new year, you will recommence paying CPP EI contributions until such time as you reach the maximum CPP EI contribution level for 2012.Check out 2012 CPP EI Maximum Contributions below.

CPP Maximum 2012 | CPP Rates for the Year 2012

The maximum CPP contribution to the plan for 2012 will be increased by $89.10 to $2,306.70, representing an increase of about 4% over the last year and the maximum self-employed CPP contribution for 2012 will be $4,613.40. The CPP maximums for the Year 2011 were $2,217.60 and $4,435.20.

The CPP Rates, effective January 1, 2012, forecast to remain unchanged at 4.95% of pensionable earnings. The basic exemption amount for 2012 expects to remain $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.

EI Maximum 2012 | EI Rates for the Year 2012

Your rate of EI premiums (excluding employees working in the province of Quebec), for the 2012 taxation year forecasts to remain at 1.73% of insurable earnings. The annual maximum insurable earnings will be increasing from $44,200 to $45,900. The maximum EI contribution to the plan for 2012 will be $839.97. The EI maximum for the Year 2011 was 786.76. Once you reach the annual maximum premium deduction of your EI maximum in 2012, you will see an increase in the amount of your net pay as there will no longer be EI deductions withheld from your pay.

Maximum CPP Contribution | CPP Deduction 2012

At the beginning of the year 2012, the lowest rate of the two possible rates of contribution to the public service pension plan is used until the maximum level of contribution for that rate is reached. Then, the higher rate of contribution is used for the remainder of the year. Beginning with the new year, public service pension plan contributions recommence at the low rate, until such time as they reach the maximum level of the contributions for the low rate. Therefore, if you are a contributor under the public service pension plan and you compare your last pay in December to your first pay in January, you may see that you have paid a larger amount to the plan in December than in January.

Tax Deadline 2013 | Canada Tax Deadline

admin — Mon, 01 Oct 2012 19:23:17 +0000

Tax Deadlines 2013 | Canadian Income Tax Deadline

There are a number of tax deadline dates during the year 2013 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 2012 has to be filled on or before April 30, 2013.

Tax Return Filing Deadline for Self-Employed Persons: If you or your spouse or common-law partner carried on a business in 2012(other than a business whose expenditures are primarily in connection with a tax shelter), your return for 2012 has to be filed on or before June 15, 2013. However, if you have a balance owing for 2012, you still have to pay it on or before April 30, 2013.

The first day for using TELEFILE or NETFILE to electronically file your 2012 tax return with CRA on February 11, 2013. For TELEFILE, call 1-800-959-1110

RRSP Deadline: You RRSP deadline for contributing to your RRSP for the 2012 tax year has to be before March 01, 2013.

Last day for the electronic filing of your 2012 Canadian income tax and benefit return using NETFILE: September 30, 2013

Quarterly instalment due if you pay taxes to CRA by instalments:

* March 15, 2013
* June 15, 2013
* September 15, 2013
* December 15, 2013

Note: We do not warrant the accuracy of the information and advise all users to consult Canada Revenue Agency, your provincial / territorial government, and/or a taxation professional to confirm all dates and deadlines as they pertain to your personal situation.