Toronto Income Tax Calculator

Income Tax Calculator (Toronto, ON)

Toronto (Federal + Ontario) Income Tax Rates for 2023

Income BracketFederal Tax RateOntario Tax RateCombined Tax Rate
Up to $53,35915%5.05%20.05%
$53,359 to $106,71720.5%9.15%29.65%
$106,717 to $165,43026%11.16%37.16%
$165,430 to $235,67529%12.16%41.16%
Over $235,67533%13.16%46.16%

Additional Tax Considerations

  • Personal Tax Credits: Both federal and Ontario provide basic personal credits, reducing tax liability.
  • Ontario Surtax: Ontario applies surtaxes based on certain income levels:
    • First Surtax: 20% on Ontario tax exceeding $5,543.
    • Second Surtax: Additional 36% on Ontario tax exceeding $7,092.
  • Ontario Health Premium: A provincial health premium applies, ranging from $0 to $900 based on income.

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