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Canadian Income Tax Calculator - Excel

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Canadian Income Tax Calculator - Excel Powered By Docstoc
					Tax Calculator 2004              v1.0 January 2004
   How to use this calculator:

   This calculator will allow you to calculate a tax liability in any province or territory for any income
   level (the fully functional version does not restrict the income level). The calculator will provide
   both the federal and provincial tax bills, and will also provide the marginal tax rate for the            For more calculators and a wealth
   individual on regular income, capital gains, and Canadian dividends.                                      of tax information, visit:
   To use the calculator, select the province or territory tab below, then simply enter your income in
                                                                                                             www.timcestnick.com
   the bright yellow area, and your deductions in the pale yellow area. The calculator will provide an
   immediate summary of the taxes owing, and your marginal tax rates.

   You should note the following about the calculations that this calculator provides:

   1. This calculator uses tax rates, credit amounts, and other amounts in effect at Jan. 1, 2004.

   2. When entering Canadian dividends, please enter the actual cash dividend amount. The
   calculator will automatically gross-up the dividend as required when calculating your taxable
   income.

   3. When entering capital gains, enter the actual amount of the gain before applying the 50%
   inclusion rate. The calculator will automatically apply the inclusion rate when calculating your
   taxable income.

   4. The calculator takes into account the basic personal credit both federally and provincially, and
   any provincial tax reduction or surtaxes. The calculator also takes into account the dividend tax
   credit where applicable. All other tax credits are ignored in the calculations.




   Disclaimer:

   WaterStreet Financial Inc. and Tim Cestnick do not warrant or make any representations
   regarding the use or the results of the use of the calculators found herein in terms of their
   correctness, accuracy, timeliness, reliability, or otherwise. Under no circumstances shall Tim
   Cestnick, WaterStreet Financial Inc., or any parents, subsidiaries, affiliates, or their respective
   partners, officers, directors, employees, or agents be held liable for any damages, whether
   direct, incidental, indirect, special, or consequential, and including, without limitation, lost
   revenues or lost profits, arising from or in connection with your use or reliance on the calculators
   found herein.
For more calculators and a wealth
of tax information, visit:

www.timcestnick.com
Tax Calculator 2004: British Columbia
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                      -     Provincial tax            $          3,967.60
     Capital gains (actual amount)                           -     Total tax                 $         13,785.68
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate              22.98%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income               31.15%
                                                                      Capital gains                15.58%
     For the fully functional version click here                      Canadian dividends           15.89%



     Federal Tax
                                    35,000.00           5,600.00                    16.00%
                                    70,000.00           5,500.00                    22.00%
                                                                                                 Federal tax rates
                                   113,804.00               0.00                    26.00%
                                             >              0.00                    29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit       8,012.00          1,281.92
          Dividend tax credit           13.33%               -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     British Columbia Tax
                                    32,476.00           1,964.80                     6.05%
                                    64,954.00           2,518.45                     9.15%
                                    74,575.00                -                      11.70%       B.C. tax rates
                                    90,555.00                -                      13.70%
                                             >               -                      14.70%
                                                        4,483.24
     Non Refundable Tax Credits
          Basic personal credit       8,523.00           515.64
          Dividend tax credit            5.10%              -
                                                         515.64

     Total British Columbia Tax                    $    3,967.60

     Total Federal & Provincial Taxes              $   13,785.68
Tax Calculator 2004: Alberta
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                      -     Provincial tax            $          4,566.30
     Capital gains (actual amount)                           -     Total tax                 $         14,384.38
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate               23.97%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income                32.00%
                                                                      Capital gains                 16.00%
     For the fully functional version click here                      Canadian dividends            15.33%



     Federal Tax
                                    35,000.00           5,600.00                    16.00%
                                    70,000.00           5,500.00                    22.00%
                                                                                                 Federal tax rates
                                   113,804.00               0.00                    26.00%
                                             >              0.00                    29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit       8,012.00          1,281.92
          Dividend tax credit           13.33%               -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     Alberta Tax
                                                        6,000.00                    10.00%       Alberta tax rate

     Non Refundable Tax Credits
          Basic personal credit     14,337.00           1,433.70
          Dividend tax credit           6.40%                -
                                                        1,433.70

     Total Alberta Tax                             $    4,566.30

     Total Federal & Provincial Taxes              $   14,384.38
Tax Calculator 2004: Saskatchewan
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                      -     Provincial tax            $          6,167.86
     Capital gains (actual amount)                           -     Total tax                 $         15,985.94
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate              26.64%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income               35.00%
                                                                      Capital gains                17.50%
     For the fully functional version click here                      Canadian dividends           17.08%



     Federal Tax
                                    35,000.00           5,600.00                    16.00%
                                    70,000.00           5,500.00                    22.00%
                                                                                                 Federal tax rates
                                   113,804.00               0.00                    26.00%
                                             >              0.00                    29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit       8,012.00          1,281.92
          Dividend tax credit           13.33%               -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     Saskatchewan Tax
                                    36,155.00           3,977.05                    11.00%
                                   103,300.00           3,099.85                    13.00%       Sask tax rates
                                             >               -                      15.00%
                                                        7,076.90
     Non Refundable Tax Credits
          Basic personal credit       8,264.00           909.04
          Dividend tax credit            8.00%              -
                                                         909.04

     Total Saskatchewan Tax                        $    6,167.86

     Total Federal & Provincial Taxes              $   15,985.94
Tax Calculator 2004: Manitoba
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                      -     Provincial tax            $          6,621.03
     Capital gains (actual amount)                           -     Total tax                 $         16,439.11
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate              27.40%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income               36.00%
                                                                      Capital gains                18.00%
     For the fully functional version click here                      Canadian dividends           22.08%



     Federal Tax
                                      35,000.00         5,600.00                    16.00%
                                      70,000.00         5,500.00                    22.00%
                                                                                                 Federal tax rates
                                     113,804.00             0.00                    26.00%
                                               >            0.00                    29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit        8,012.00         1,281.92
          Dividend tax credit            13.33%              -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     Manitoba Tax
                                      30,544.00         3,329.30                    10.90%
                                      65,000.00         4,123.84                    14.00%       Manitoba tax rates
                                               >             -                      17.40%
                                                        7,453.14
     Non Refundable Tax Credits
          Basic personal credit        7,634.00          832.11
          Dividend tax credit             5.00%             -
                                                         832.11

     Manitoba tax before reduction                      6,621.03

     Family tax reduction                                   0.00

     Total Manitoba Tax                            $    6,621.03

     Total Federal & Provincial Taxes              $   16,439.11
Tax Calculator 2004: Ontario
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                      -     Provincial tax            $          3,991.26
     Capital gains (actual amount)                           -     Total tax                 $         13,809.34
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate              23.02%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income               32.98%
                                                                      Capital gains                16.49%
     For the fully functional version click here                      Canadian dividends           16.87%



     Federal Tax
                                     35,000.00          5,600.00                    16.00%
                                     70,000.00          5,500.00                    22.00%
                                                                                                 Federal tax rates
                                    113,804.00              0.00                    26.00%
                                              >             0.00                    29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit       8,012.00          1,281.92
          Dividend tax credit           13.33%               -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     Ontario Tax
                                     33,375.00          2,019.19                     6.05%
                                     66,752.00          2,436.19                     9.15%       Ontario tax rates
                                              >              -                      11.16%
                                                        4,455.38
     Non Refundable Tax Credits
          Basic personal credit       8,044.00           486.66
          Dividend tax credit            5.13%              -
                                                         486.66

     Ontario tax before reduction & surtaxes            3,968.71

     Ontario tax reduction                                  0.00

     Ontario surtaxes
                         3,856.00       20.00%            22.54
                         4,864.00       36.00%             0.00

     Total Ontario Tax                             $    3,991.26

     Total Federal & Provincial Taxes              $   13,809.34
Tax Calculator 2004: Quebec
     Employment income                             $   60,000.00    Summary:
     Pension income                                          -
     Interest income                                         -      Federal tax               $          8,198.10
     Canadian dividends (actual amount)                      -      Provincial tax            $          9,243.40
     Capital gains (actual amount)                           -      Total tax                 $         17,441.50
     Other income                                            -
     RRSP deduction                                          -      Effective tax rate              29.07%
     Other deductions                                        -      Marginal tax rates
     Taxable Income                                $   60,000.00       Regular income               42.37%
                                                                       Capital gains                21.18%
     For the fully functional version click here                       Canadian dividends           25.50%



     Federal Tax
                                    35,000.00           5,600.00                     16.00%
                                    70,000.00           5,500.00                     22.00%
                                                                                                  Federal tax rates
                                   113,804.00               0.00                     26.00%
                                             >              0.00                     29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit       8,012.00          1,281.92
          Dividend tax credit           13.33%               -
                                                        1,281.92

     Federal tax before credit                          9,818.08

     Federal credit                     16.50%         (1,619.98)

     Total Federal Tax                             $    8,198.10


     Quebec Tax
                                    27,635.00           4,421.60                     16.00%
                                    55,280.00           5,529.00                     20.00%       Quebec tax rates
                                             >          1,132.80                     24.00%
                                                       11,083.40
     Non Refundable Tax Credits
          Basic personal credit       9,200.00          1,840.00                     20.00%
          Dividend tax credit           10.83%               -
                                                        1,840.00

     Total Quebec Tax                              $    9,243.40

     Total Federal & Provincial Taxes              $   17,441.50
Tax Calculator 2004: New Brunswick
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                      -     Provincial tax            $          6,487.01
     Capital gains (actual amount)                           -     Total tax                 $         16,305.09
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate              27.18%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income               36.82%
                                                                      Capital gains                18.41%
     For the fully functional version click here                      Canadian dividends           24.73%



     Federal Tax
                                    35,000.00           5,600.00                    16.00%
                                    70,000.00           5,500.00                    22.00%
                                                                                                 Federal tax rates
                                   113,804.00               0.00                    26.00%
                                             >              0.00                    29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit       8,012.00          1,281.92
          Dividend tax credit           13.33%               -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     New Brunswick Tax
                                    32,183.00           3,115.31                     9.68%
                                    64,368.00           4,122.48                    14.82%
                                                                                                 NB tax rates
                                   104,648.00                -                      16.52%
                                             >               -                      17.84%
                                                        7,237.79
     Non Refundable Tax Credits
          Basic personal credit       7,756.00           750.78
          Dividend tax credit            3.70%              -
                                                         750.78

     New Brunswick tax before reduction                 6,487.01

     New Brunswick tax reduction                             -

     Total New Brunswick Tax                       $    6,487.01

     Total Federal & Provincial Taxes              $   16,305.09
Tax Calculator 2004: Nova Scotia
     Employment income                               $   60,000.00   Summary:
     Pension income                                            -
     Interest income                                           -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                        -     Provincial tax            $          6,108.07
     Capital gains (actual amount)                             -     Total tax                 $         15,926.15
     Other income                                              -
     RRSP deduction                                            -     Effective tax rate              26.54%
     Other deductions                                          -     Marginal tax rates
     Taxable Income                                  $   60,000.00      Regular income               37.17%
                                                                        Capital gains                18.58%
     For the fully functional version click here                        Canadian dividends           20.16%



     Federal Tax
                                     35,000.00            5,600.00                    16.00%
                                     70,000.00            5,500.00                    22.00%
                                                                                                   Federal tax rates
                                    113,804.00                0.00                    26.00%
                                              >               0.00                    29.00%
                                                         11,100.00
     Non Refundable Tax Credits
          Basic personal credit          8,012.00         1,281.92
          Dividend tax credit              13.33%              -
                                                          1,281.92

     Total Federal Tax                               $    9,818.08


     Nova Scotia Tax
                                        29,590.00         2,600.96                     8.79%
                                        59,180.00         4,018.32                    13.58%       NS tax rates
                                                 >          124.39                    15.17%
                                                          6,743.68
     Non Refundable Tax Credits
          Basic personal credit          7,231.00          635.60
          Dividend tax credit               7.70%             -
                                                           635.60

     NS tax before reduction & surtax                     6,108.07

     NS tax reduction                                         0.00

     NS surtax          10,000.00         10.00%              0.00

     Total Nova Scotia Tax                           $    6,108.07

     Total Federal & Provincial Taxes                $   15,926.15
Tax Calculator 2004: Prince Edward Island
     Employment income                              $   60,000.00   Summary:
     Pension income                                           -
     Interest income                                          -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                       -     Provincial tax            $          6,435.81
     Capital gains (actual amount)                            -     Total tax                 $         16,253.89
     Other income                                             -
     RRSP deduction                                           -     Effective tax rate              27.09%
     Other deductions                                         -     Marginal tax rates
     Taxable Income                                 $   60,000.00      Regular income               37.18%
                                                                       Capital gains                18.59%
     For the fully functional version click here                       Canadian dividends           19.21%



     Federal Tax
                                     35,000.00           5,600.00                    16.00%
                                     70,000.00           5,500.00                    22.00%
                                                                                                  Federal tax rates
                                    113,804.00               0.00                    26.00%
                                              >              0.00                    29.00%
                                                        11,100.00
     Non Refundable Tax Credits
          Basic personal credit          8,012.00        1,281.92
          Dividend tax credit              13.33%             -
                                                         1,281.92

     Total Federal Tax                              $    9,818.08


     Prince Edward Island Tax
                                     30,754.00           3,013.89                     9.80%
                                     61,509.00           4,035.95                    13.80%       PEI tax rates
                                              >               -                      16.70%
                                                         7,049.84
     Non Refundable Tax Credits
          Basic personal credit          7,412.00         726.38
          Dividend tax credit               7.70%            -
                                                          726.38

     PEI tax before reduction & surtax                   6,323.46

     PEI tax reduction                                        -

     PEI surtax          5,200.00         10.00%          112.35

     Total Prince Edward Island Tax                 $    6,435.81

     Total Federal & Provincial Taxes               $   16,253.89
Tax Calculator 2004: Newfoundland
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax               $          9,818.08
     Canadian dividends (actual amount)                      -     Provincial tax            $          7,295.71
     Capital gains (actual amount)                           -     Total tax                 $         17,113.79
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate              28.52%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income               41.64%
                                                                      Capital gains                20.82%
     For the fully functional version click here                      Canadian dividends           28.58%



     Federal Tax
                                     35,000.00          5,600.00                    16.00%
                                     70,000.00          5,500.00                    22.00%
                                                                                                 Federal tax rates
                                    113,804.00              0.00                    26.00%
                                              >             0.00                    29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit       8,012.00          1,281.92
          Dividend tax credit           13.33%               -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     Newfoundland Tax
                                     29,590.00          3,127.66                    10.57%
                                     59,180.00          4,781.74                    16.16%       NF tax rates
                                              >           147.76                    18.02%
                                                        8,057.17
     Non Refundable Tax Credits
          Basic personal credit       7,410.00           783.24
          Dividend tax credit            5.00%              -
                                                         783.24

     NF tax before surtax                               7,273.93

     NF surtax           7,032.00         9.00%           21.77

     Total Newfoundland Tax                        $    7,295.71

     Total Federal & Provincial Taxes              $   17,113.79
Tax Calculator 2004: Northwest Territories
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax              $          9,818.08
     Canadian dividends (actual amount)                      -     Territory tax            $          4,220.51
     Capital gains (actual amount)                           -     Total tax                $         14,038.59
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate             23.40%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income              31.90%
                                                                      Capital gains               15.95%
     For the fully functional version click here                      Canadian dividends          15.71%



     Federal Tax
                                    35,000.00           5,600.00                   16.00%
                                    70,000.00           5,500.00                   22.00%
                                                                                                Federal tax rates
                                   113,804.00               0.00                   26.00%
                                             >              0.00                   29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit        8,012.00         1,281.92
          Dividend tax credit            13.33%              -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     Northwest Territories Tax
                                    33,245.00           2,393.64                    7.20%
                                    66,492.00           2,648.75                    9.90%
                                                                                                NWT tax rates
                                   108,101.00                -                     11.70%
                                             >               -                     13.05%
                                                        5,042.39
     Non Refundable Tax Credits
          Basic personal credit     11,415.00            821.88
          Dividend tax credit           6.00%               -
                                                         821.88

     Total Northwest Territories Tax               $    4,220.51

     Total Federal & Territory Taxes               $   14,038.59
Tax Calculator 2004: Nunavut
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax              $          9,818.08
     Canadian dividends (actual amount)                      -     Territory tax            $          2,730.20
     Capital gains (actual amount)                           -     Total tax                $         12,548.28
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate             20.91%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income              29.00%
                                                                      Capital gains               14.50%
     For the fully functional version click here                      Canadian dividends          12.08%



     Federal Tax
                                    35,000.00           5,600.00                   16.00%
                                    70,000.00           5,500.00                   22.00%
                                                                                                Federal tax rates
                                   113,804.00               0.00                   26.00%
                                             >              0.00                   29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit        8,012.00         1,281.92
          Dividend tax credit            13.33%              -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     Nunavut Tax
                                    35,000.00           1,400.00                    4.00%
                                    70,000.00           1,750.00                    7.00%
                                                                                                Nunavut tax rates
                                   113,804.00                -                      9.00%
                                             >               -                     11.50%
                                                        3,150.00
     Non Refundable Tax Credits
          Basic personal credit     10,495.00            419.80
          Dividend tax credit           6.00%               -
                                                         419.80

     Total Nunavut Tax                             $    2,730.20

     Total Federal & Territory Taxes               $   12,548.28
Tax Calculator 2004: Yukon
     Employment income                             $   60,000.00   Summary:
     Pension income                                          -
     Interest income                                         -     Federal tax              $          9,818.08
     Canadian dividends (actual amount)                      -     Territory tax            $          4,319.96
     Capital gains (actual amount)                           -     Total tax                $         14,138.04
     Other income                                            -
     RRSP deduction                                          -     Effective tax rate             23.56%
     Other deductions                                        -     Marginal tax rates
     Taxable Income                                $   60,000.00      Regular income              31.68%
                                                                      Capital gains               15.84%
     For the fully functional version click here                      Canadian dividends          15.60%



     Federal Tax
                                     35,000.00          5,600.00                   16.00%
                                     70,000.00          5,500.00                   22.00%
                                                                                                Federal tax rates
                                    113,804.00              0.00                   26.00%
                                              >             0.00                   29.00%
                                                       11,100.00
     Non Refundable Tax Credits
          Basic personal credit        8,012.00         1,281.92
          Dividend tax credit            13.33%              -
                                                        1,281.92

     Total Federal Tax                             $    9,818.08


     Yukon Tax
                                     35,000.00          2,464.00                    7.04%
                                     70,000.00          2,420.00                    9.68%
                                                                                                Yukon tax rates
                                    113,804.00               -                     11.44%
                                              >              -                     12.76%
                                                        4,884.00
     Non Refundable Tax Credits
          Basic personal credit        8,012.00          564.04
          Dividend tax credit             5.87%             -
                                                         564.04

     Yukon tax before surtax                            4,319.96

     Yukon surtax        6,000.00         5.00%             0.00

     Total Yukon Tax                               $    4,319.96

     Total Federal & Territory Taxes               $   14,138.04

				
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Description: Canadian Income Tax Calculator document sample