Best Ontario Income Tax Calculator - Comparewise

Ontario Income Tax Calculator

An Ontario tax calculator can be useful for anyone looking to estimate their income tax liability in the province. Understanding your tax responsibilities thoroughly is crucial whether you’re an employee, self-employed individual, or business owner.

This post will cover some key points about Ontario’s tax system and how to use a tax calculator to estimate your income tax payment.

Family Tax Recovery Promo Banner Comparewise - Comparewise

First, it’s worth noting that the income tax system in Ontario is progressive, which means that the higher your income, the higher your tax rate will be. The tax rate for Ontario residents is calculated based on the federal tax plus surtax applied to the federal tax amount.

The surtax rate is based on your taxable income and is calculated using the following formula:

(Federal tax x Ontario surtax rate) – Ontario surtax credit = surtax

The Ontario surtax rates and credits are updated annually, so it’s important to use the most current tax tables when calculating your tax liability.

How to use an Ontario tax calculator

There are a few different types of tax calculators available, including online calculators, software programs, and even spreadsheet templates. Whichever type of calculator you choose, the basic process is the same.

You must first input your personal details, including your name, social security number, and also your birthdate. Additionally, you must disclose your sources of income, including work, self-employment, and other sources.

Some calculators may also ask for information about deductions and credits that you’re eligible for, such as the Canada Employment Credit or the charitable donations tax credit.

On Income Tax Calculator - Comparewise

Once you’ve entered all the required information, the calculator will use the tax rates and credits applicable to your situation to calculate your estimated tax liability.

Some calculators will also provide a breakdown of the tax you owe by income tax bracket, so you can see how much of your tax is being applied at each rate.

It’s worth noting that a tax calculator is only an estimate of your tax liability. Your actual tax liability may be different based on various factors, such as changes to your income, deductions, or credits.

Reviewing your tax return thoroughly is always a good idea, and if you have any questions, you should speak with a tax expert.

How to calculate income tax in Ontario

To calculate your income tax in Ontario, you must:

  • Determine your taxable income
  • Calculate your federal tax
  • Calculate your provincial tax

Determine your taxable income: This is your entire income from all sources (such as jobs, investments, and rental property), less any deductions and credits you are entitled to.

Calculate your federal tax: Canada’s federal tax rate is progressive, meaning you pay a greater rate as your income rises. You can use the CRA’s tax calculator or table to determine how much federal tax you owe based on your taxable income.

Calculate your provincial tax: Each province has a unique tax rate applied to your taxable income. You can use the CRA’s tax calculator or table to determine how much provincial tax you owe based on your taxable income. Add the federal and provincial taxes you owe to compute your total income tax.

Ontario Income Tax Calculator - Comparewise

How much income tax do I have to pay in Ontario?

The amount of income tax you pay in Ontario is determined by your taxable income and the appropriate tax rates.

As previously stated, the federal tax rate is progressive, meaning you pay a greater rate on higher income levels. In Ontario, the provincial tax rate is likewise progressive.

You can use the CRA’s tax calculator or tax tables to figure out how much tax you owe based on your taxable income.

You might also like…

Employment Income (Max. $1,000,000)

Self Employment Income (Max. $1,000,000)

RRSP Deduction (Max. $1,000,000)

Capital Gains (Max. $1,000,000)

Eligible Dividends (Max. $1,000,000)

Ineligible Dividends (Max. $1,000,000)

Other Income (Max. $1,000,000)

Province

Result

Federal Tax
Provincial Tax
Income Tax

Ontario Income Tax Calculator

An Ontario tax calculator can be useful for anyone looking to estimate their income tax liability in the province. Understanding your tax responsibilities thoroughly is crucial whether you’re an employee, self-employed individual, or business owner.

This post will cover some key points about Ontario’s tax system and how to use a tax calculator to estimate your income tax payment.

Family Tax Recovery Promo Banner Comparewise - Comparewise

First, it’s worth noting that the income tax system in Ontario is progressive, which means that the higher your income, the higher your tax rate will be. The tax rate for Ontario residents is calculated based on the federal tax plus surtax applied to the federal tax amount.

The surtax rate is based on your taxable income and is calculated using the following formula:

(Federal tax x Ontario surtax rate) – Ontario surtax credit = surtax

The Ontario surtax rates and credits are updated annually, so it’s important to use the most current tax tables when calculating your tax liability.

How to use an Ontario tax calculator

There are a few different types of tax calculators available, including online calculators, software programs, and even spreadsheet templates. Whichever type of calculator you choose, the basic process is the same.

You must first input your personal details, including your name, social security number, and also your birthdate. Additionally, you must disclose your sources of income, including work, self-employment, and other sources.

Some calculators may also ask for information about deductions and credits that you’re eligible for, such as the Canada Employment Credit or the charitable donations tax credit.

On Income Tax Calculator - Comparewise

Once you’ve entered all the required information, the calculator will use the tax rates and credits applicable to your situation to calculate your estimated tax liability.

Some calculators will also provide a breakdown of the tax you owe by income tax bracket, so you can see how much of your tax is being applied at each rate.

It’s worth noting that a tax calculator is only an estimate of your tax liability. Your actual tax liability may be different based on various factors, such as changes to your income, deductions, or credits.

Reviewing your tax return thoroughly is always a good idea, and if you have any questions, you should speak with a tax expert.

How to calculate income tax in Ontario

To calculate your income tax in Ontario, you must:

  • Determine your taxable income
  • Calculate your federal tax
  • Calculate your provincial tax

Determine your taxable income: This is your entire income from all sources (such as jobs, investments, and rental property), less any deductions and credits you are entitled to.

Calculate your federal tax: Canada’s federal tax rate is progressive, meaning you pay a greater rate as your income rises. You can use the CRA’s tax calculator or table to determine how much federal tax you owe based on your taxable income.

Calculate your provincial tax: Each province has a unique tax rate applied to your taxable income. You can use the CRA’s tax calculator or table to determine how much provincial tax you owe based on your taxable income. Add the federal and provincial taxes you owe to compute your total income tax.

Ontario Income Tax Calculator - Comparewise

How much income tax do I have to pay in Ontario?

The amount of income tax you pay in Ontario is determined by your taxable income and the appropriate tax rates.

As previously stated, the federal tax rate is progressive, meaning you pay a greater rate on higher income levels. In Ontario, the provincial tax rate is likewise progressive.

You can use the CRA’s tax calculator or tax tables to figure out how much tax you owe based on your taxable income.

You might also like…

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Get up to $150 cash bonus: BONUS150
Min Investment
$0
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Earn passive income, start investing in real estate.
Min Investment
$1
Target Return
Varied
Use code KKZH8A when you sign up to get 2 free stocks
Min Investment
$1
Target Return
Varied
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Buying and seucring gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
Get a $25 bonus when you sign up and trade.
Min Investment
$10
Target Return
Varied
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

comparewise

November 3, 2022
Fact Checked

Browse calculators by type

Check out business loan calculators on Comparewise...

Check out car loan calculators on Comparewise to s...

Check out date and time calculators on Comparewise...

Check out health calculators on Comparewise to see...

It's never been easier to calculate your monthly p...

Check out our investment calculators to see how mu...

Check out mathematics calculators on Comparewise t...

Check out mortgage calculators to see what you can...

Our personal finance calculators help you compare ...

Check out our personal loan calculators to see wha...

Check out retirement calculators on Comparewise to...

Check out student calculators to check your GPA an...

Check out tax calculators to see different income ...

Ontario income tax calculator FAQs

How much income tax do I have to pay in Ontario?

The amount of income tax you pay in Ontario is determined by your taxable income and the appropriate tax rates. As previously stated, the federal tax rate is progressive, meaning you pay a greater rate on higher income levels.

In Ontario, the provincial tax rate is likewise progressive. You can use the CRA’s tax calculator or tax tables to figure out how much tax you owe based on your taxable income.

How is income tax calculated in Ontario?

In Ontario, income tax is determined by adding federal and provincial tax rates to your taxable income. To calculate your taxable income, add all of your income from all sources (such as employment, investments, and rental property) and remove any deductions and credits to that you are entitled.

You can then use the CRA’s tax calculator or tax tables to calculate how much federal and provincial tax you owe based on your taxable income.

How to calculate income tax in Ontario?

To calculate your income tax in Ontario, follow the processes stated in the first question above: establish your taxable income, calculate your federal tax, calculate your provincial tax, and sum your federal and provincial taxes.

How to calculate after-tax income in Ontario?

To calculate your after-tax income in Ontario, you must do the following:

  1. Determine your pre-tax income.
  2. Calculate your income tax
  3. Subtract your income tax from your pre-tax income

You may also like:

Most individuals have yet to learn how much their net worth is, and not just that, peop...
As a Canadian, you may be wondering how much life insurance you need. The answer depend...
With many people worried about paying taxes in retirement, Tax-Free Savings Account (TF...
Do you want to know how to calculate your TFSA contribution limit? Read to the end to f...
Many of us have yet to learn how much money we should save for retirement, how much we'...
Car loan?
Personal Loan?

Top deals await you just a short
application away!