Tax Refund Calculator Ontario 2020

How to Use This Calculator

To calculate your Ontario tax refund for 2020:

1. Enter your total taxable income for 2020 in the "Taxable Income" field.
2. Select your filing status (Single, Married, or Other).
3. Click the "Calculate" button to see your estimated refund.

The calculator will display your estimated tax refund amount based on the 2020 Ontario tax rates.

How Ontario Tax Refund Works

Ontario tax refunds occur when you've paid more in taxes than you're entitled to receive. This can happen if you had extra deductions, credits, or if your income changed during the year.

The Ontario government uses progressive tax brackets to calculate your tax liability. The 2020 tax rates were:

• 5.05% on the first $44,701 of taxable income
• 9.15% on the next $44,700
• 11.16% on the next $50,132
• 12.16% on the next $89,399
• 13.16% on amounts over $184,232

If your total tax payments exceed your calculated tax liability, you'll receive a refund.

Example Calculation

Let's say you earned $50,000 in 2020 and filed as Single. Here's how the calculation works:

1. First $44,701 × 5.05% = $2,258.56
2. Next $5,299 × 9.15% = $484.04
3. Total tax = $2,258.56 + $484.04 = $2,742.60
4. If you paid $3,000 in taxes, your refund would be $3,000 - $2,742.60 = $257.40

This example shows a small refund. Larger refunds typically occur with higher deductions or credits.