Tax Return Calculator 2020 Ontario

Use this tax return calculator to estimate your 2020 Ontario tax refund. The calculator provides a quick estimate based on your income and deductions. For an exact calculation, consult a tax professional or use official government tax forms.

How to Use This Calculator

To estimate your 2020 Ontario tax refund:

Enter your total taxable income for 2020.
Select your filing status (Single, Married, or Other).
Enter any applicable deductions or credits.
Click "Calculate" to see your estimated refund.

The calculator uses the 2020 Ontario tax rates and brackets. For a precise calculation, you should file your actual tax return using the official Ontario tax forms.

Formula Used

The taxable income is calculated as:

Taxable Income = Total Income - Deductions

Tax is then calculated based on the Ontario 2020 tax brackets:

Income Bracket	Tax Rate
$0 - $44,703	5.05%
$44,704 - $89,406	9.15%
$89,407 - $150,000	11.16%
$150,001 - $220,000	12.16%
Over $220,000	13.16%

The estimated refund is calculated as:

Estimated Refund = Tax Owed - Previous Tax Paid

Note: This calculator provides an estimate only. Actual tax refunds may vary based on your specific situation and changes in tax laws.

Worked Example

Let's calculate the estimated refund for a single filer with $50,000 in taxable income and $5,000 in deductions.

Taxable Income = $50,000 - $5,000 = $45,000
Tax Calculation:
- $44,703 × 5.05% = $2,253.72
- ($45,000 - $44,703) × 9.15% = $246.28
- Total Tax Owed = $2,253.72 + $246.28 = $2,500.00
Assuming $2,000 was paid in previous taxes:
- Estimated Refund = $2,500 - $2,000 = $500

This example shows an estimated refund of $500. Your actual refund may differ based on your specific circumstances.

Frequently Asked Questions

Is this calculator accurate for my 2020 Ontario tax return?: This calculator provides an estimate based on the 2020 Ontario tax rates. For an exact calculation, consult a tax professional or use official government tax forms.
What information do I need to use this calculator?: You'll need your total income, filing status, and any applicable deductions or credits from 2020.
How do I file my actual tax return?: You can file your tax return online through the Ontario government's website or by mail using the official tax forms.
What if my tax situation is complex?: For complex tax situations, such as self-employment income or capital gains, consult a tax professional for accurate advice.
When will the 2021 tax rates be available?: The 2021 tax rates will be announced by the Ontario government in the coming months. Check the official government website for updates.