Personal Income Tax Calculator Ontario 2018
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Reviewed by Calculator Editorial Team
Calculate your 2018 Ontario personal income tax with this free online calculator. The tool accounts for both federal and provincial tax rates, deductions, and tax credits to provide an accurate estimate of your tax liability.
How to Use This Calculator
To calculate your 2018 Ontario personal income tax:
- Enter your total taxable income in the "Taxable Income" field.
- Select your filing status (Single, Married, or Other).
- Click the "Calculate" button to see your estimated tax liability.
The calculator will display your federal tax, provincial tax, and total tax payable. You can also view a breakdown of your tax in the chart below the results.
Formula Used
Ontario Personal Income Tax Calculation
The calculator uses progressive tax brackets for both federal and provincial taxes. The formula is:
Total Tax = Federal Tax + Provincial Tax
Where:
- Federal Tax is calculated using federal tax brackets
- Provincial Tax is calculated using Ontario tax brackets
The calculator applies standard deductions and tax credits based on the 2018 tax year rules.
Worked Example
Let's calculate the tax for a single filer with $50,000 taxable income:
- Federal tax: $8,693.75
- Provincial tax: $4,250.00
- Total tax: $12,943.75
This example shows how the calculator applies the tax brackets to determine your total tax liability.
Ontario Tax Brackets 2018
The 2018 Ontario tax brackets are as follows:
| Taxable Income | Marginal Rate |
|---|---|
| $0 - $44,701 | 5.05% |
| $44,702 - $89,404 | 9.15% |
| $89,405 - $150,000 | 11.16% |
| $150,001 - $220,000 | 12.16% |
| Over $220,000 | 13.16% |
Note: Federal tax brackets are different and are applied separately.
Frequently Asked Questions
- What is included in taxable income?
- Taxable income includes wages, salaries, business income, investment income, and other taxable sources. Deductions and credits are subtracted from this amount.
- Are there any standard deductions?
- Yes, standard deductions are applied based on your filing status. The 2018 standard deduction for a single filer was $11,474.
- How do I file my taxes?
- You can file your taxes electronically through the Canada Revenue Agency (CRA) website or with the help of a tax professional.
- What if I have additional income sources?
- Include all income sources in the taxable income field. The calculator will apply the appropriate tax rates to your total income.
- Is this calculator accurate for all scenarios?
- This calculator provides an estimate based on standard tax rules. For precise calculations, consult a tax professional or use official government tax forms.