Ontario Tax Calculator 2021 Neuvoo
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Reviewed by Calculator Editorial Team
Calculate your Ontario provincial income tax for the 2021 tax year using this Neuvoo tax calculator. The calculator follows the 2021 Ontario tax brackets and provides a detailed breakdown of your tax liability.
How to Use This Calculator
To calculate your Ontario provincial income tax for 2021:
- Enter your total taxable income in the "Taxable Income" field.
- Select your filing status (Single, Married, or Separate).
- Click the "Calculate" button to see your tax liability.
- Review the detailed breakdown of your tax calculation.
The calculator uses the 2021 Ontario tax brackets and provides a visual breakdown of your tax liability.
Tax Calculation Formula
The Ontario provincial income tax is calculated using progressive tax brackets. The formula used is:
Ontario Tax = Sum of (Taxable Income × Tax Rate) for each applicable bracket
The 2021 Ontario tax brackets are as follows:
| Taxable Income | Tax Rate |
|---|---|
| $0 - $45,142 | 5.05% |
| $45,142.01 - $90,287 | 9.15% |
| $90,287.01 - $150,000 | 11.16% |
| $150,000.01 - $220,000 | 12.16% |
| Over $220,000 | 13.16% |
For married couples filing jointly, the brackets are adjusted accordingly.
Worked Example
Let's calculate the Ontario provincial income tax for a single taxpayer with a taxable income of $80,000 in 2021.
- First $45,142 × 5.05% = $2,264.23
- Next $34,858 ($80,000 - $45,142) × 9.15% = $3,184.98
- Total Ontario Tax = $2,264.23 + $3,184.98 = $5,449.21
Using the calculator, you would enter $80,000 as the taxable income and select "Single" as the filing status to get this result.
Frequently Asked Questions
What is the Ontario tax rate for 2021?
The Ontario tax rates for 2021 range from 5.05% to 13.16%, depending on your taxable income and filing status.
How do I calculate my Ontario tax?
Use this calculator by entering your taxable income and selecting your filing status. The calculator will compute your Ontario provincial income tax based on the 2021 tax brackets.
Is this calculator accurate for 2021?
Yes, this calculator uses the official 2021 Ontario tax brackets and formulas. The results are accurate for the 2021 tax year.
Can I use this calculator for 2022?
No, this calculator is specifically for the 2021 tax year. For 2022 calculations, you would need to use a calculator designed for that year.