Canadian Income Tax Calculator | Canada Tax Information

2012 Income Tax Rates Canada | Tax Brackets 2012

admin — Tue, 03 Jan 2012 19:30:02 +0000

2012 Income Tax Rates Canada | Tax Brackets 2012

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.

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 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.

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

2012 RRSP Contribution Limit | RRSP Deduction Limits

admin — Tue, 03 Jan 2012 16:50:58 +0000

RRSP Contribution Limit 2012 & RRSP Deduction Limits for the Year 2012

How much can I contribute to my own RRSPs for the year 2012?

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

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

2012 maximum RRSP contribution limit: $22,970
2011 maximum RRSP contribution limit: $22,450
2013 maximum RRSP contribution limit: $23,500 plus inflation index amount
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 2012, that Canada Revenuse Agency sent you after processing your 2012 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 2012

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 2012.

On your 2012 income tax return, you can deduct contributions you made to your RRSPs between January 1, 1991, and February 29, 2012. 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 2012.

If you can no longer contribute to your RRSPs in 2012 because of your age (the year after you turn 69; beginning in 2012, 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 2012 is $22,970. However, if you did not use all of your RRSP deduction limit for the years 1991-2011, you can carry forward the unused amount to 2012. Therefore, your RRSP deduction limit for 2012 may be more than $22,970.

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

2012 maximum RRSP deduction limit: $22,970

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.

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

admin — Mon, 02 Jan 2012 09:42:47 +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.

2012 Income Tax Calculator Canada

admin — Mon, 02 Jan 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!

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.

Canadian Income Tax Calculator 2011

admin — Mon, 14 Nov 2011 19:51:09 +0000

Canadian Income Tax Calculator 2011 & Personal Income Tax Rates Canada

Calculate your 2011 income tax combined federal and provincial tax bill in each province and territory of Canada. The calculator reflects known rates as of Janunary 12, 2011 and please also note that the Canadian income tax calculator doesn’t reflect the CPP and EI deductions or contributions for your 2011 personal income tax rates.

Click Here to Use 2011 Income Tax Calculator Canada!

(See the sample of Canadian income tax calculator 2011 below:)

Province:

Income for the Year 2011

(Do not use comma)

Canadian Income Tax Calculator 2011

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!

RRSP Calculator for the Year 2011

admin — Fri, 14 Jan 2011 19:50:15 +0000

2011 RRSP Calculator Canada

Calculate the tax savings your 2011 RRSP (Registered Retirement Saving Plan) contribution generates in each province and territory. RRSP Deadline for 2011 Tax Year: February 29, 2012!

2011 RRSP Calculator will estimate your RRSP tax savings based on your RRSP contribution amount and income level for the year 2011. Be sure to enter your RRSP over contribution amount, if any.

Click Here to Use 2011 RRSP Tax Savings Calculator!

* Assumes RRSP contribution amount is fully deductible.

2011 Income Tax Rates Canada

admin — Mon, 20 Dec 2010 18:58:53 +0000

2011 Income Tax Rates Canada

Canada Income Tax Rates for the Year 2011
2011 Income Tax Rates (Combined Provincial and Federal Income Tax)

Income Tax Rates for the Year 2011:

15% on the first $41,544 of taxable income
22% on the next $41,545 of taxable income (on the portion of taxable income between $41,545 and $83,088)
26%on the next $83,089 of taxable income (on the portion of taxable income between $83,089 and $128,880)
29% of taxable income over $128,800

2011 Combined Provincial and Federal Income Tax Rates Canada:

Listed below are the combined provincial and federal personal income tax rates for every Canadian province and territory for 2011.
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

2011 RRSP Contribution Limit | RRSP Deduction Limit

admin — Mon, 13 Dec 2010 14:09:48 +0000

RRSP Contribution Limit & RRSP Deduction Limit for the Year 2011

RRSP Contribution Deadline for the 2011 Tax Year: March 01, 2012!

How much can I contribute to my own RRSPs?

The maximum RRSP contribution limit for the year 2011 is $22,450. However, if you did not use all of your RRSP contribution limit for the years 1991-2010, you can carry forward the unused amount to 2011. Therefore, your RRSP contribution limit for 2011 may be more than $22,450.

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

2011 maximum RRSP contribution limit: $22,450
2010 maximum RRSP contribution limit: $22,000
2009 maximum RRSP contribution limit: $21,000
2008 maximum RRSP contribution limit: $20,000
2007 maximum RRSP contribution limit: $19,000

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 2011, that Canada Revenuse Agency sent you after processing your 2011 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.

Tax Penalty on Over-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.

How much can I deduct on my tax return?

On your 2011 income tax return, you can deduct contributions you made to your RRSPs between January 1, 1991, and March 1, 2011. 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 2011.

If you can no longer contribute to your RRSPs in 2011 because of your age (the year after you turn 69; beginning in 2011, 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 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 2011 is $22,450. However, if you did not use all of your RRSP deduction limit for the years 1991-2010, you can carry forward the unused amount to 2011. Therefore, your RRSP deduction limit for 2011 may be more than $22,450.

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

2011 maximum RRSP deduction limit: $22,450
2010 maximum RRSP deduction limit: $22,000
2009 maximum RRSP deduction limit: $21,000
2008 maximum RRSP deduction limit: $20,000
2007 maximum RRSP deduction limit: $19,000

RRSP_Withdrawals

When redeeming units from an RRSP, the withdrawal will automatically be reduced by the appropriate amount of withholding tax. The table below indicates the amount of tax that will be withheld at source on RRSP withdrawals, as prescribed by Canada Revenue Agency (CRA).

RRSP Withdrawals	All Provinces Except Quebec	Quebec
Up to $5,000	10%	21%
Over $5,000 to $15,000	20%	26%
Over $15,000	30%	31%

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.

CPP EI Maximum 2011 | CPP EI Rates, Contributions, Deductions

admin — Mon, 06 Dec 2010 20:58:21 +0000

CPP Maximum 2011 | 2011 CPP Rates

The CPP Rate, effective January 1, 2011, remain unchanged at 4.95% of pensionable earnings. The maximum CPP contribution is $2,217.60 for the 2011 taxation year.

The basic exemption amount for 2011 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.

The self-employed CPP contribution rate will remain unchanged at 9.9%. The maximum employer and employee CPP contribution to the plan for 2011 is $2,217.60, and the maximum self-employed contribution is around $4,435.20. The CPP maximums in 2010 were $2,163.15 and $4,326.30.

Maximum CPP Contribution | CPP Deduction 2011

At the beginning of the year 2011, 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.

Many employees reach their maximum level of Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) contributions sometime during the year. If you reach the maximum level of CPP/QPP, you will see an increase in the amount of your net pay as there will no longer be CPP/QPP deductions withheld. Beginning with the new year, you will recommence paying CPP/QPP contributions until such time as you reach the maximum CPP/QPP contribution level for 2011.

EI (Employment Insurance) Maximum for the Year 2011

Your rate of EI premiums (excluding employees working in the province of Quebec), for the 2011 taxation year remains at 1.73% of insurable earnings. The annual maximum insurable earnings will be approximately increasing from $43,200 to $44,200. If you reached the maximum EI premiums during the previous year, you will recommence paying EI premiums in the new year until the maximum premium level is reached. Once you reach the annual maximum premium deduction of $786.76 in 2011, you will see an increase in the amount of your net pay as there will no longer be EI deductions withheld from your pay.

CPP Maximum 2010

admin — Tue, 25 May 2010 11:48:01 +0000

CPP Maximum 2010 | CPP Rates

The CPP Rate, effective January 1, 2010, remain unchanged at 4.95% of pensionable earnings. The maximum CPP contribution is $2,163.15 for the 2010 taxation year.

The basic exemption amount for 2010 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.

The self-employed CPP contribution rate will remain unchanged at 9.9%. The maximum employer and employee CPP contribution to the plan for 2010 will be $2,163.15, and the maximum self-employed contribution will be $4,326.30. The CPP maximums in 2009 were $2,118.60 and $4,237.20.

Here you can find EI Maximum 2010

Maximum CPP Contribution | CPP Deduction 2010

At the beginning of the year 2010, 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.