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Canadians are good citizens when it comes to taxes. They paid more than $119 billion in income taxes in 2012 and 94 per cent say they file each and every year, according to a study released on April 3, 2013 by BMO Nesbitt Burns.
The study revealed that many Canadians lack insight on how various investments are treated from a tax perspective:
- 58 per cent are not sure about how capital gains are taxed
- 62 per cent are not sure about how dividend income is taxed
- 33 per cent lack knowledge on how charitable donations are taxed
- 25 per cent don’t understand the tax implications of an RRSP
- 36 per cent lack knowledge surrounding the tax implications of a TFSA
Use this calculator to estimate the taxes you owe based on your taxable income and the province you live in.
The calculator also shows how capital gains and dividend income is taxed differently from employment and interest income.