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Income Tax Calculator Ontario 2020

Reviewed by Calculator Editorial Team

Calculate your Ontario income tax for the 2020 tax year using this official tax calculator. This tool provides an estimate of your tax liability, including federal and provincial taxes, deductions, and credits.

How to Use This Calculator

To calculate your Ontario income tax for 2020:

  1. Enter your total taxable income for the year.
  2. Select your filing status (Single, Married, or Other).
  3. Click "Calculate" to see your estimated tax liability.

The calculator will display your federal tax, provincial tax, total tax, and net income after tax.

Formula Used

The Ontario income tax is calculated using progressive tax brackets. The formula is:

Federal Tax = Sum of (Taxable Income × Rate) for each federal bracket

Provincial Tax = Sum of (Taxable Income × Rate) for each Ontario bracket

Total Tax = Federal Tax + Provincial Tax

Net Income = Taxable Income - Total Tax

The 2020 tax brackets for Ontario are as follows:

Income Range Federal Rate Ontario Rate
$0 - $48,535 15% 5.05%
$48,535 - $97,069 20.5% 9.15%
$97,069 - $150,473 26% 11.16%
$150,473 - $220,000 29% 12.16%
Over $220,000 33% 13.16%

Worked Example

Let's calculate the income tax for a single filer with a taxable income of $60,000.

  1. Federal tax calculation:
    • $48,535 × 15% = $7,280.25
    • ($60,000 - $48,535) × 20.5% = $2,273.30
    • Total federal tax = $7,280.25 + $2,273.30 = $9,553.55
  2. Provincial tax calculation:
    • $48,535 × 5.05% = $2,452.94
    • ($60,000 - $48,535) × 9.15% = $1,088.64
    • Total provincial tax = $2,452.94 + $1,088.64 = $3,541.58
  3. Total tax = $9,553.55 + $3,541.58 = $13,095.13
  4. Net income = $60,000 - $13,095.13 = $46,904.87

Note: This is an estimate. Actual tax liability may vary based on deductions, credits, and other factors.

Frequently Asked Questions

How accurate is this calculator?
This calculator provides an estimate based on the 2020 tax brackets. For exact figures, consult a tax professional or use official government tax forms.
Does this calculator include deductions and credits?
No, this calculator uses your taxable income as input. Deductions and credits are not included in the calculation.
What if my income is different from the example?
The calculator will adjust the tax calculation based on your input. Use the formula section to understand how the calculation works.