Canadian Tax Calculator 2018 - 2019
Want to get an idea of what your tax liability may look like this year? Our income tax calculator can help you easily find out approximately how much you’ll be getting back, or how much you may owe. By entering your income earned, and selecting the taxing entity, you can calculate your tax amount. Keep in mind that you most likely are being taxes from more than one entity, for example Federal and Provincial. Therefore, it will be necessary to make more than one calculation and add them together for your total taxes owed.
These values are for informational purposes only and are not guaranteed to be completely accurate. Federal taxes are collected by the Canada Revenue Agency (CRA), formerly known as "Revenue Canada" or the "Canada Customs and Revenue Agency". Under "Tax Collection Agreements", CRA collects these taxes then remits to the provinces: Canadian Tax Rates
The Canada Revenue Agency is the Canadian equivalent of the United States Internal Revenue Service. If you are a resident of Canada you are required to file a Canadian income tax return provided you earned money in Canada.
Canadian Federal and Provincial Tax Calculator
Calculating Federal, Provincial, and Territory Taxes
Most tax payers earn a salary where taxes are deducted automatically on a bi-weekly basis and therefore may not necessarily have to manage their payment of taxes. This may exclude independent workers, freelancers or entrepreneurs, ho may need to predict how much is owed to the government and make those payments themselves. It is important for taxpayers to have a realistic view of their annual income and to understand how much is really available to them after income taxes have been taken out, or paid. Our income tax calculator might come in handy to you for this purpose.
Our tax calculator has now been updated for the 2018 - 2019 tax season. This is for income earned in 2018 where taxes are being paid by April 2019.
It uses the official Canadian income tax rates from the Canada Revenue Agency web site for its calculations, along with province and territory tax rates to calculate all taxes owed from each entity as needed. This calculator is updated every year with the new yearly rates, but also retains the past several years for back tax calculations.
The personal income tax system in Canada is progressive, meaning that higher income is taxed at a higher income tax rate percentage. This is implemented through different levels of tax brackets each relating to different tax rates. Our calculator includes the ability to calculate federal, provincial, and territory taxes.
Don't forget to subtract tax deduction amounts from your annual income to get your net income before calculating taxes. Also reduce your tax owed amount by the amount of taxes already paid before sending in your payment.