Income Tax Ontario Calculator 2015

Use this Ontario income tax calculator to determine your 2015 tax liability based on your taxable income. The calculator accounts for both federal and provincial tax rates, as well as common deductions and credits available in Ontario.

How to Use This Calculator

To calculate your 2015 Ontario income tax:

Enter your total taxable income for the year
Select your filing status (Single, Married, or Other)
Check any applicable deductions or credits
Click "Calculate" to see your estimated tax liability

The calculator will display your federal tax, provincial tax, total tax, and net income after tax. You can also view a breakdown of your tax liability in the chart below the results.

Ontario Tax Rates 2015

In 2015, Ontario had progressive tax rates that applied to both federal and provincial income tax. The tax brackets were as follows:

Federal Tax Brackets 2015

Taxable Income	Tax Rate
$0 - $45,282	15%
$45,282 - $90,563	20.5%
$90,563 - $140,388	26%
$140,388 - $200,000	29%
Over $200,000	33%

Ontario Provincial Tax Brackets 2015

Taxable Income	Tax Rate
$0 - $41,666	5.05%
$41,666 - $83,333	9.15%
$83,333 - $150,000	11.16%
$150,000 - $220,000	12.16%
Over $220,000	13.16%

Note that these rates are approximate and may vary slightly depending on your specific circumstances. The calculator uses the most accurate 2015 tax rates available.

How the Calculation Works

The Ontario income tax calculator uses the following formula to determine your tax liability:

Tax Calculation Formula

Total Tax = Federal Tax + Provincial Tax

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

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

Net Income = Taxable Income - Total Tax

The calculator applies the tax rates progressively, meaning higher income amounts are taxed at higher rates. For example, if your taxable income is $50,000, the first $45,282 is taxed at 15%, and the remaining $4,718 is taxed at 20.5%.

Important: This calculator provides an estimate of your tax liability. For exact figures, consult a tax professional or use official government tax forms.

Worked Example

Let's calculate the tax for a single individual with a taxable income of $60,000 in 2015.

Federal Tax Calculation

$0 - $45,282: $45,282 × 15% = $6,792.30

$45,282 - $60,000: $14,718 × 20.5% = $3,018.89

Total Federal Tax = $6,792.30 + $3,018.89 = $9,811.19

Provincial Tax Calculation

$0 - $41,666: $41,666 × 5.05% = $2,100.00

$41,666 - $60,000: $18,334 × 9.15% = $1,678.00

Total Provincial Tax = $2,100.00 + $1,678.00 = $3,778.00

Final Results

Total Tax = $9,811.19 + $3,778.00 = $13,589.19

Net Income = $60,000 - $13,589.19 = $46,410.81

This example shows that a single individual with $60,000 in taxable income would owe approximately $13,589.19 in combined federal and provincial taxes, leaving them with about $46,410.81 in net income after tax.

Frequently Asked Questions

Q: Is this calculator accurate for my specific situation?

This calculator provides an estimate based on standard tax rates. For exact figures, consult a tax professional or use official government tax forms.

Q: What deductions and credits are included in this calculator?

The calculator includes common deductions like the basic personal amount and CPP contributions. For a complete list of available deductions and credits, consult the Canada Revenue Agency or Ontario government tax guides.

Q: How do I find my taxable income?

Your taxable income is typically calculated by subtracting eligible deductions from your total income. The calculator uses your reported taxable income as input.

Q: Are there any changes to Ontario tax rates in 2016?

Yes, Ontario implemented new tax rates in 2016. This calculator uses the 2015 tax rates. For current tax information, check the latest government publications.