Partner's Income Use the second column if you have a spouse or domestic partner. Budgeting must be done on a family basis and how the income is taxed depends on which partner earns it. If you don't have a partner, leave the second column blank.
Annual Salary: Uncertain about your overall annual income? UNDERESTIMATE. You may find you have money leftover but you avoid the huge mistake of living beyond your means.
Self Employment: If you operate a proprietorship or do contract work (no withholdings), then enter the income here.
Pension Income: Enter only pensions received monthly from a registered pension plan or RRIF.
Dividends: Dividend income is taxed at a lower rate so report dividend income here for greater accuracy.
Capital Gains: Capital gains income is taxed at half the rate of ordinary income so report it here for accuracy.
Other Income: Report here any income not included in the lines above. This includes child support, RRSP withdrawals, Old Age Security, Canada Pension Plan, rental income, etc. Report any UCCB received in the lower income partner's income.
Income Tax Tips
Province of Residence The amount of income tax you pay depends on what province you live in. Select your province of residence as of the end of the year
Children You're entitled to an income tax credit for each child under age 18, as well as the child tax benefit if your family income is not too high.
Single: Check this box if you don't have a spouse or domestic partner. If you don’t tick the box, the income in the "Your Partner" field will be used to determine any claim for the spouse or common-law partner amount.
Age: Your tax credits depend on your age so indicate your age range.
RRSP Contribution: Each year you earn the right to contribute up to 18% of your annual earned income. RRSP contributions also decrease your income tax bill.
Other Deductions: Enter any other deductions you may be entitled to, such as child support payments, union dues, moving expenses, etc.
Calculated Personal Amount: The calculator will determine the following credits for you: Basic Personal Amount, Spouse or Common-law Partner Amount, Amount for Dependent Children, Amounts for CPP and EI contributions on employment or self-employment, Age Amount, Pension Income Amount, Amounts Transferred from Spouse. If you're entitled to other personal amounts, enter them on the next line.
Other Personal Amounts: Enter any other personal amount you may be entitled to, such as Disability Amount, Student Loan Interest, Tuition, Education and Textbook Amount, Children's Fitness Amount, Charitable Donations, Medical Expenses etc.
Charitable Donations: Enter your charitable contributions for the year. Charitable donations are eligible for a two-tiered tax credit - amounts over $200 are eligible for a higher credit.
