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TurboTax's free Canada income tax calculator. Estimate your 2023 tax refund or taxes owed, and check federal and provincial tax rates.
- Ontario Tax Calculator
Ontario Tax Calculator - Canada income tax calculator...
- Alberta Tax Calculator
Alberta Tax Calculator - Canada income tax calculator...
- New Brunswick Tax Calculator
New Brunswick Tax Calculator - Canada income tax calculator...
- Newfoundland and Labrador Tax Calculator
Newfoundland and Labrador Tax Calculator - Canada income tax...
- Manitoba Tax Calculator
The tax rates in Manitoba range from 10.8% to 17.4% of...
- RRSP Calculator
Income tax preparation software companies must seek NETFILE...
- Ontario Tax Calculator
- What Are Capital Gains?
- How Are Capital Gains Taxed in Canada?
- What Is The Capital Gains Inclusion Rate?
When you sell an asset or investment for more than you bought it, you have a capital gain. Let’s say you purchased $1,000 worth of stock and then sold your shares for $1,500 two years later. In this case, you have a capital gain of $500. On the other hand, when your assets depreciate in value and you sell them for less than you bought, you have a c...
Capital gains are often considered a form of “passive income.” However, they’re taxed differently than other passive income sources, such as interest income, Canadian dividends and foreign dividends. They’re also taxed differently than employment income, due to what’s known as the capital gains inclusion rate. In this sense, capital gains are uniqu...
Previously, Canada had a single capital gains inclusion rate of 50%. This rate applied to individuals, trusts and corporations. This situation changed as of June 25, 2024, when the federal government increased the inclusion rate for individuals—in some cases—as well as for trusts and corporations in all cases.
Learn about the lifetime capital gains exemption (LCGE) and deduction for eligible individuals who dispose of qualified property. Find out the LCGE amounts and indexation for different years, and how to claim the deduction.
- The basic personal amount: a tax credit for every Canadian. Every Canadian resident is entitled to claim the basic personal amount, a tax credit which reduces the amount of tax you owe.
- The Canada employment amount: another tax credit. You can claim the Canada employment amount if you reported employment income for the year (even if it wasn’t a lot).
- You can claim even more provincial tax credits. The government needs the information from your return to confirm your eligibility for federal benefits like the Canada Child Benefit (CCB) and the GST/HST Credit, as well as provincial benefits like the BC Recovery Benefit and the Ontario Trillium Benefit.
- Lower the taxes you owe through payroll deductions. Your employment income is subject to deductions every time you get paid (whether that’s weekly, monthly, or any other frequency).
In early 2020, the Canada Revenue Agency came to believe it had made a $63-million mistake. The sum, the agency concluded, had been paid out in "illegitimate" tax refunds as part of what it now ...
Plug in a few numbers and we’ll give you visibility into your tax bracket, marginal tax rate, average tax rate, and payroll tax deductions, along with an estimate of your tax refunds and taxes owed in 2024.
People also ask
How much tax can I claim in 2020?
Do you lose 50% of a capital gain in taxes?
How much tax do you pay on $50,000 a year?
How can I reduce my capital gains tax?
So, for example, if you made $50,000 from all sources of taxable income, including your salary, interest on your non-registered investments and savings accounts, benefits and more—you would fall...
