2024 Income Tax Calculator Ontario Canada

Use this 2024 Ontario income tax calculator to estimate your provincial tax liability. The calculator applies current Ontario tax rates and common deductions to help you understand your potential tax burden.

How to Use This Calculator

Enter your total taxable income for 2024 and select your filing status. The calculator will automatically apply Ontario's progressive tax rates and common deductions to provide an estimate of your provincial tax liability.

For more accurate results, you may need to consult with a tax professional or use the official Canada Revenue Agency (CRA) tax software.

2024 Ontario Tax Brackets

Ontario uses a progressive tax system with different rates for different income levels. The 2024 tax brackets are as follows:

Taxable Income	Tax Rate
$0 - $49,020	5.05%
$49,020.01 - $98,040	9.15%
$98,040.01 - $150,000	11.16%
$150,000.01 - $220,000	12.16%
Over $220,000	13.16%

Note: These are provincial tax rates only. Federal tax rates are different and must be calculated separately.

Common Deductions and Credits

Ontario offers several deductions and credits that can reduce your taxable income. Common ones include:

Basic Personal Amount: $12,294 for 2024
Spouse Amount: $1,943 per spouse
CPP Contributions: Up to 5.95% of pensionable earnings
EI Premiums: Up to 1.66% of insurable earnings
RRSP Contributions: Up to 18% of net income
TFSA Contributions: Up to $7,000 per year

These amounts are subject to change and may vary based on your specific circumstances.

Worked Examples

Example 1: Single Filer

For a single filer with taxable income of $60,000:

Tax Calculation:

$49,020 × 5.05% = $2,451.01

($60,000 - $49,020) × 9.15% = $1,030.35

Total Tax = $2,451.01 + $1,030.35 = $3,481.36

Example 2: Married Filing Jointly

For a married couple filing jointly with taxable income of $120,000:

Tax Calculation:

$49,020 × 5.05% = $2,451.01

($98,040 - $49,020) × 9.15% = $4,420.70

($120,000 - $98,040) × 11.16% = $2,539.68

Total Tax = $2,451.01 + $4,420.70 + $2,539.68 = $9,411.39

Frequently Asked Questions

How accurate is this calculator?: This calculator provides an estimate based on current tax rates and common deductions. For exact figures, consult a tax professional or use official CRA tax software.
Are federal taxes included?: No, this calculator only calculates Ontario provincial taxes. Federal taxes must be calculated separately using the appropriate federal tax rates.
What about capital gains?: Capital gains are not included in this basic calculator. They are subject to different tax rates and may require special treatment depending on your situation.
Can I use this for self-employed income?: Yes, you can use this calculator for self-employed income, but you may need to adjust for additional deductions or credits specific to your business.