Canada has some unique tax laws, and you should check with your local municipal government for taxes regarding property taxes as they are different in every municipality. We have added some tax calculators for Canada below regarding federal income tax, sale tax and some useful information regarding property, inheritance and gift tax.
CRA Income Tax Calculator
Canadian federal income taxes are mainly collected by the CRA (Canada Revenue Agency) except for Quebec which administers its own system.
The Canadian taxation system collects its data from each person through a self-assessment system similar to the United States. Every person in Canada has to file their tax assessment annually by a date set by the CRA. Once filed the CRA will assess the claims against records from employers and financial institutions to correct them for any obvious errors. If a person disagrees with the CRA’s assessment, they may, of course, appeal the decision to the Tax Court of Canada.
Use this Canadian income tax calculator at iCalculator to help you calculate your file your annual tax return with the CRA this year. You can find more about how to file a tax return for the coming year at the CRA’s website here.
Withholding Tax / Payroll Deductions Calculator
If you are an employee or employer use this Payroll Deductions Calculator to make sure the correct amount of tax is being deducted monthly pay.
Canadian Sales Tax Calculators
Canada is fairly different when it comes to sales tax as there are three different types of tax and they vary from province to province.
Canadian Provincial Sales Tax Calculator
PST Provincial Sales Tax is a provincial sales tax. PST can be calculated by using this Canadian provincial sales tax calculator.
GST Goods and Service Tax a value-added tax collected by the federal government. Calculate GST by using this Goods and Services Tax Calculator.
HST Harmonized Sales Tax also a value added tax which is a combination of PST and GST which is used in New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island. HST can be calculated using the Harmonized Sales Tax Calculator.
Canadian Property Tax
Canda has both an annual property tax and a property transfer tax that is collected by the municipal governments across Canada. The rates on both types of property tax vary depending on their location. Currently, there are no online resources to calculate property tax online in Canada. If you find one, please let us know, and we shall add it accordingly.
Estate Tax / Inheritance Tax
Canada has no set estate or inheritance tax. Instead upon your death, you are deemed to have sold your entire estate at a fair market value. If the value of your estate has increased since you purchased it, you will be considered to have received a capital gain. The taxes on these gains must be paid by you by your estate after your death before they can be transferred to the beneficiary.
It is very important to have your estate in order before your death. We strongly advise you seek the advice of a local tax lawyer.
Canada has no official gift tax. Any gifts you make to charity or organizations can be used to claim a reduction in tax on the following year’s tax return. You may give cash or property as gifts which the recipient will be liable to pay tax on if they made a monetary gain by selling it. It is sometimes a good idea to give gifts while you are living to your family as it may help save taxes against your estate before you die.