2020 Income Tax Calculator
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This basic calculator is designed to give you a reasonable idea of your tax liabilities but does not include all possible factors or refundable tax credits. It should be particularly useful to investors who can see the impact of the various types of investment income on their taxes as well as the tax savings from contributing to an RRSP.
The non refundable tax credits that are included in calculations are:
- Personal Exemption
- Spousal Exemption
- Age Exemption
- Pension Exemption
- Payroll Deductions (CPP/QPP, QPIP and EI)
- Eligible Dividends from Canadian Corporations
For a more comprehensive calculation of tax liabilities we recommend www.taxtips.ca or consult a professional tax accountant.