2020 Tax Refund Calculator Ontario

Calculate your estimated 2020 Ontario tax refund using this free online calculator. Simply enter your taxable income and deductions to determine how much you might receive as a refund.

How to Use This Calculator

This calculator helps you estimate your 2020 Ontario tax refund by applying the 2020 Ontario tax rates and formulas. Follow these steps:

Enter your total taxable income for 2020 in the first field.
Enter any applicable deductions in the second field.
Click "Calculate" to see your estimated refund amount.
Review the result and compare it with your actual tax return.

The calculator uses the 2020 Ontario tax brackets and formulas. For more accurate results, consult with a tax professional or use official government tax software.

Formula Used

The calculator applies the following formula to determine your tax refund:

Tax Refund = (Taxable Income - Deductions) × Tax Rate - Tax Credits

The tax rate is determined based on your taxable income using the 2020 Ontario tax brackets.

The 2020 Ontario tax brackets are as follows:

Taxable Income	Tax Rate
$0 - $44,703	5.06%
$44,704 - $89,407	9.15%
$89,408 - $150,000	11.16%
$150,001 - $220,000	12.16%
$220,001+	13.16%

Note that this is a simplified calculation. The actual tax refund may vary based on your specific situation and additional factors not accounted for in this calculator.

Worked Example

Let's calculate a tax refund for someone with $60,000 in taxable income and $5,000 in deductions.

Subtract deductions from taxable income: $60,000 - $5,000 = $55,000
Determine the applicable tax rate: $55,000 falls in the $44,704-$89,407 bracket, so the rate is 9.15%
Calculate tax payable: $55,000 × 9.15% = $5,032.50
Subtract tax credits (assuming $1,000): $5,032.50 - $1,000 = $4,032.50
Estimated refund: $4,032.50

This example shows an estimated refund of $4,032.50. Your actual refund may differ based on your specific circumstances.

Frequently Asked Questions

Is this calculator accurate for my 2020 Ontario tax return?: This calculator provides an estimate based on the 2020 Ontario tax brackets. For an exact calculation, consult with a tax professional or use official government tax software.
What factors affect my tax refund?: Your tax refund is affected by your taxable income, deductions, tax credits, and the applicable tax rates. This calculator accounts for these basic factors.
When will I receive my tax refund?: The timing of your tax refund depends on when you file your return and how you paid your taxes. Refunds are typically processed within 21 days of receiving your return.
Can I use this calculator for 2021 or later years?: No, this calculator is specifically designed for the 2020 tax year. For other years, use a calculator designed for that specific tax year.