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Ontario Tax Calculation:
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The Ontario Salary Tax Calculator estimates your total tax burden for 2024-2025, including federal tax, Ontario provincial tax, CPP, EI, Ontario Health Premium, and surtax. It helps you understand your take-home pay after all deductions.
The calculator uses the formula:
Where:
Federal Tax (2024 brackets): Progressive rates from 15% to 33% across five brackets.
Ontario Tax (2024 brackets): Progressive rates from 5.05% to 13.16% across five brackets.
CPP: 5.95% of pensionable earnings between $3,500 and $66,600.
EI: 1.66% of insurable earnings up to $63,100.
Ontario Health Premium: Ranges from $0 to $900 based on income.
Surtax: Additional 20% on Ontario tax between $5,407-$10,816, plus 36% on amounts over $10,816.
Tips: Enter your annual salary in Canadian dollars before taxes. The calculator will show the breakdown of all tax components and your estimated net income.
Q1: Are these tax rates for 2024 or 2025?
A: This calculator uses 2024 tax brackets and rates. 2025 rates will be updated when officially announced.
Q2: Does this include tax credits?
A: No, this is a basic calculator that doesn't account for personal tax credits or deductions.
Q3: Is the Ontario Health Premium deductible?
A: No, the health premium is not deductible for federal or provincial tax purposes.
Q4: Why is my actual paycheck different?
A: Paychecks may differ due to benefits deductions, bonuses, overtime, or other compensation not included here.
Q5: When are taxes due in Ontario?
A: For employees, taxes are deducted at source. Self-employed individuals must pay by April 30 following the tax year.