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Ontario Tax 2015 Calculator

Reviewed by Calculator Editorial Team

Calculate your Ontario income tax for the 2015 tax year using this free online calculator. The Ontario Tax 2015 Calculator provides an estimate of your tax liability based on your income and deductions.

How the Ontario Tax 2015 Calculator Works

The Ontario Tax 2015 Calculator uses the progressive tax rates that were in effect for the 2015 tax year. Ontario's income tax system is based on a series of tax brackets, where different portions of your income are taxed at different rates.

Tax Calculation Formula

Ontario income tax is calculated as follows:

  1. Subtract your total deductions from your total income to get your taxable income.
  2. Apply the Ontario tax brackets to your taxable income to determine your tax liability.
  3. Add any provincial tax credits to get your final tax amount.

The calculator uses the following assumptions:

  • Standard deduction of $10,645 for 2015
  • Basic personal amount of $10,922 for 2015
  • No additional tax credits beyond the basic personal amount

Ontario Tax Brackets for 2015

For the 2015 tax year, Ontario used the following progressive tax rates:

Taxable Income Tax Rate
$0 - $41,907 19.5%
$41,908 - $83,813 23.5%
$83,814 - $104,771 26.5%
$104,772 - $209,542 28.5%
$209,543 and above 33%

Note: These rates are for the 2015 tax year only. Tax rates may have changed for subsequent years.

How to Use This Calculator

  1. Enter your total income for the 2015 tax year in the "Total Income" field.
  2. Enter any deductions you qualify for in the "Deductions" field.
  3. Click the "Calculate" button to see your estimated tax liability.
  4. Review the results and the breakdown of how your tax was calculated.

The calculator will show you:

  • Your taxable income after deductions
  • Your estimated tax liability
  • A breakdown of how much tax was paid at each tax bracket
  • A visual chart showing the tax distribution

Worked Examples

Example 1: Single Person with $50,000 Income

For a single person with $50,000 in income and no additional deductions:

  1. Taxable income = $50,000 - $10,645 (standard deduction) = $39,355
  2. Tax at 19.5% on first $41,907 = $8,172.35
  3. Tax at 23.5% on remaining $7,448 = $1,744.73
  4. Total tax = $8,172.35 + $1,744.73 = $9,917.08
  5. Final tax after basic personal amount = $9,917.08 - $10,922 = -$1,004.92 (refund)

Example 2: Couple with $120,000 Combined Income

For a couple with $120,000 combined income and no additional deductions:

  1. Taxable income = $120,000 - $10,645 (standard deduction) = $109,355
  2. Tax at 19.5% on first $41,907 = $8,172.35
  3. Tax at 23.5% on next $41,906 = $9,781.93
  4. Tax at 26.5% on next $20,058 = $5,365.57
  5. Tax at 28.5% on remaining $25,484 = $7,243.98
  6. Total tax = $8,172.35 + $9,781.93 + $5,365.57 + $7,243.98 = $20,563.83
  7. Final tax after basic personal amount = $20,563.83 - $10,922 = $9,641.83

Frequently Asked Questions

What is the standard deduction for Ontario in 2015?
The standard deduction for Ontario in 2015 was $10,645.
What is the basic personal amount for Ontario in 2015?
The basic personal amount for Ontario in 2015 was $10,922.
How do I calculate my Ontario tax if I have multiple sources of income?
Add up all your income sources to get your total income, then subtract your deductions to get your taxable income. Apply the Ontario tax brackets to your taxable income to determine your tax liability.
Does this calculator account for Ontario's tax credits?
This calculator uses the basic personal amount as a tax credit. For a more accurate calculation, you may need to consult a tax professional or use more detailed tax software.