Ontario Income Calculator 2017
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Reviewed by Calculator Editorial Team
Calculate your Ontario income taxes for 2017 using this official tax calculator. This tool provides accurate federal and provincial tax deductions, net income, and taxable income based on the 2017 tax brackets and rates.
How to Use This Calculator
To calculate your Ontario income taxes for 2017:
- Enter your total income for the year in the "Total Income" field.
- Select your filing status from the dropdown menu (Single, Married, or Other).
- Click the "Calculate" button to see your tax results.
The calculator will display your federal tax, provincial tax, total tax, and net income after taxes.
Formula Used
The Ontario Income Calculator 2017 uses the following formula to calculate taxes:
Federal Tax = Total Income × Federal Tax Rate
Provincial Tax = Total Income × Provincial Tax Rate
Total Tax = Federal Tax + Provincial Tax
Net Income = Total Income - Total Tax
The tax rates used are based on the 2017 Ontario tax brackets and rates for the selected filing status.
Worked Example
Let's calculate the taxes for a single person with a total income of $50,000 in 2017.
- Federal Tax Rate: 15%
- Provincial Tax Rate: 5.05%
- Federal Tax = $50,000 × 15% = $7,500
- Provincial Tax = $50,000 × 5.05% = $2,525
- Total Tax = $7,500 + $2,525 = $10,025
- Net Income = $50,000 - $10,025 = $39,975
Using the calculator with these inputs would show the same results.