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Note that the federal amount of 13 229 is gradually reduced to 12 298 from taxable income of 150 473 until it reaches 214 368.
Income tax brackets canada ontario. If you live in ontario come april 2021 when you file your tax return you will pay income taxes based on ontario s tax brackets as well as income taxes based on the federal tax brackets for the 2020 tax year. 2020 income tax in canada is calculated separately for federal tax commitments and province tax commitments depending on where the individual tax return is filed in 2020 due to work location. Ontario tax rates current marginal tax rates ontario personal income tax rates ontario 2021 and 2020 personal marginal income tax rates. The information deisplayed in the ontario tax brackets for 2019 is used for the 2019 ontario tax calculator.
Tax credits such as the ontario child benefit and children s activity tax credit help with the higher cost of living. Taxpayers hit the top tax bracket at taxable income of 220 000 which is higher than most provinces. Table takes into account federal basic personal amount of 13 229 and ontario basic personal amount of 10 783. The federal tax brackets and personal tax credit amounts are increased for 2021 by an indexation factor of 1 010.
Residents of canada are expected to pay taxes on taxable income earned in the past year after factoring in all applicable tax deductions and credits. The 2020 tax year in canada runs from january 2020 to december 2020 with individual tax returns due no later than the following april 30 th 2021. For 2018 and previous tax years you can find the federal tax rates on schedule 1 for 2019 and later tax years you can find the federal tax rates on the income tax and benefit return you will find the provincial or territorial tax rates on form 428 for the. How to calculate income tax in ontario.
2019 income tax in ontario is calculated separately for federal tax commitments and ontario province tax commitments depending on where the. Ontario is canada s most populous province. If paul has a taxable income gross income minus any deductions of 36 000 his income falls within the first tax bracket so his ontario tax payable would 36 000 x 5 05 1818. The 2019 tax year in ontario runs from january 2019 to december 2019 with individual tax returns due no later than the following april 30 th 2020.
Let s look at a couple of examples. Employment opportunities draw many canadians to the greater toronto area. 2020 personal income tax rates ontario marginal rate taxable income federal tax ontario.
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