Income Calculator Ontario 2018
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Reviewed by Calculator Editorial Team
Calculate your net income in Ontario for 2018 using this income calculator. This tool helps you determine your take-home pay after federal and provincial taxes, CPP, and EI deductions.
How to Use This Calculator
Enter your gross annual income in the calculator below. The calculator will automatically compute your net income after taxes and deductions based on Ontario's 2018 tax rates.
This calculator uses the following assumptions:
- Single filing status (for simplicity)
- No additional deductions or credits
- Standard tax rates for Ontario residents
Note: This calculator provides an estimate. For exact tax calculations, consult a tax professional or use official government tax forms.
Ontario Tax Brackets (2018)
In 2018, Ontario used the following progressive tax rates for federal and provincial income tax:
| Tax Bracket | Federal Rate | Provincial Rate |
|---|---|---|
| $0 - $47,630 | 15% | 5.05% |
| $47,630 - $95,259 | 20.5% | 9.15% |
| $95,259 - $147,667 | 26% | 11.16% |
| $147,667 - $210,371 | 29% | 12.16% |
| Over $210,371 | 33% | 13.16% |
Additional deductions include:
- Canada Pension Plan (CPP) contributions at 5.95% of earnings
- Employment Insurance (EI) premiums at 1.66% of earnings
Example Calculation
Let's calculate the net income for someone earning $60,000 in 2018.
Formula: Net Income = Gross Income - (Federal Tax + Provincial Tax + CPP + EI)
For $60,000:
- Federal Tax: $10,200.50
- Provincial Tax: $2,730.50
- CPP: $3,570.00
- EI: $990.00
Total deductions: $17,591.00
Net Income: $60,000 - $17,591 = $42,409