2024 Income Tax Calculator Ontario

Use this 2024 Ontario income tax calculator to estimate your federal and provincial tax liability. The calculator applies current tax rates, deductions, and credits for the 2024 tax year. For precise tax calculations, consult a tax professional or use official government tax software.

How to Use This Calculator

Enter your total taxable income for 2024 and select your filing status. The calculator will compute your federal and provincial tax amounts, as well as your net income after taxes. You can adjust inputs to see how different scenarios affect your tax liability.

Important Notes

This calculator provides estimates only. Actual tax liability may vary based on specific deductions, credits, and exemptions not included in this calculation. Always verify with official government sources or a tax professional.

2024 Ontario Tax Rates

The 2024 tax year uses the following federal and Ontario provincial tax brackets:

Federal Tax Brackets

2024 federal tax rates apply to taxable income over $53,359:

15% on the first $53,359
20.5% on the next $53,360 to $106,717
26% on the next $53,360 to $200,000
29% on amounts over $200,000

Ontario Provincial Tax Brackets

2024 Ontario tax rates apply to taxable income over $49,231:

5.05% on the first $49,231
9.15% on the next $49,231 to $98,462
11.16% on the next $49,231 to $150,000
12.16% on the next $49,231 to $220,000
13.16% on amounts over $220,000

Federal Tax Calculation

The federal tax is calculated using progressive brackets. For example, if your taxable income is $100,000:

First $53,359: $53,359 × 15% = $8,003.85
Next $46,641 ($100,000 - $53,359): $46,641 × 20.5% = $9,556.05
Total federal tax: $8,003.85 + $9,556.05 = $17,559.90

Taxable Income

Taxable income is your total income minus eligible deductions. Common deductions include RRSP contributions, medical expenses, and union dues.

Ontario Provincial Tax Calculation

Ontario uses a similar progressive tax system. For $100,000 taxable income:

First $49,231: $49,231 × 5.05% = $2,476.36
Next $49,231 ($100,000 - $49,231): $49,231 × 9.15% = $4,509.99
Total Ontario tax: $2,476.36 + $4,509.99 = $6,986.35

Combined Tax

Total tax = Federal tax + Ontario tax + CPP + EI premiums (if applicable)

Worked Example

For a single filer with $75,000 taxable income:

Federal tax: $11,280.75
Ontario tax: $4,952.73
Total tax: $16,233.48
Net income: $58,766.52

Net Income

Net income = Gross income - Total tax - CPP - EI premiums (if applicable)

Frequently Asked Questions

How accurate is this calculator?

This calculator provides estimates based on current tax rates. For precise calculations, consult a tax professional or use official government tax software.

What deductions are included?

The calculator includes common deductions like RRSP contributions. For a complete list, refer to the Canada Revenue Agency and Ontario government websites.

When are tax rates updated?

Tax rates are updated annually when new budgets are announced. Check back in January for the latest 2025 tax rates.