Income Tax Calculator Ontario Canada 2015
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Reviewed by Calculator Editorial Team
Calculate your 2015 Ontario provincial income tax with this official tax calculator. This tool uses the 2015 tax rates and brackets to determine your provincial tax liability, including the Ontario Basic Personal Amount and the Ontario tax rate structure.
How the Ontario 2015 Tax Calculator Works
The Ontario 2015 tax calculator computes your provincial income tax based on the following formula:
Ontario Tax = (Taxable Income - Basic Personal Amount) × Ontario Tax Rate
Where:
- Taxable Income = Your total income minus eligible deductions
- Basic Personal Amount = $10,644 (2015 value)
- Ontario Tax Rate = Progressive rate based on taxable income
The calculator applies the 2015 Ontario tax rates to determine your provincial tax liability. The Ontario tax system uses a progressive tax structure with different rates for different income brackets.
Note: This calculator provides an estimate based on 2015 tax laws. For exact tax calculations, consult a tax professional or use official government tax software.
2015 Ontario Tax Brackets
The 2015 Ontario tax rates are as follows:
| Taxable Income | Ontario Tax Rate |
|---|---|
| $0 - $41,907 | 5.05% |
| $41,908 - $83,813 | 9.15% |
| $83,814 - $150,000 | 11.16% |
| $150,001 - $220,000 | 12.16% |
| Over $220,000 | 13.16% |
The Basic Personal Amount of $10,644 is subtracted from your taxable income before applying the tax rates.
Deductions and Tax Credits
Eligible deductions and tax credits can reduce your taxable income and lower your tax liability. Common deductions include:
- RRSP contributions
- Medical expenses
- Donations to registered charities
- Home office expenses
- Moving expenses
Tax credits directly reduce your tax owed. Common tax credits in 2015 included:
- Canada Employment Amount
- Basic Personal Amount
- Provincial Tax Credits
Important: This calculator does not automatically apply all possible deductions and credits. You should consult a tax professional or use official government tax software for an accurate calculation.
Example Calculation
Let's calculate the Ontario tax for a taxpayer with $50,000 in taxable income:
- Subtract the Basic Personal Amount: $50,000 - $10,644 = $39,356
- Apply the Ontario tax rate for $39,356: 9.15%
- Calculate the tax: $39,356 × 0.0915 = $3,599.23
Therefore, the Ontario provincial tax for this taxpayer would be $3,599.23.
Frequently Asked Questions
How is Ontario tax different from federal tax?
Ontario and federal governments each have their own tax systems. The Ontario tax calculator computes only the provincial tax. Your total tax liability is the sum of your federal and provincial taxes.
What is the Basic Personal Amount?
The Basic Personal Amount is a fixed amount that reduces your taxable income. In 2015, it was $10,644. This amount is subtracted from your taxable income before applying the tax rates.
Are there any tax credits available in Ontario?
Yes, Ontario offers various tax credits such as the Basic Personal Amount, Canada Employment Amount, and Provincial Tax Credits. These credits directly reduce your tax owed.
How do I report my Ontario taxes?
You can report your Ontario taxes using the Ontario government's online tax filing system or by mailing a paper return. Consult the Canada Revenue Agency (CRA) website for the most current filing instructions.