Income Tax Calculator (Toronto, ON)
Toronto (Federal + Ontario) Income Tax Rates for 2023
Income Bracket | Federal Tax Rate | Ontario Tax Rate | Combined Tax Rate |
---|
Up to $53,359 | 15% | 5.05% | 20.05% |
$53,359 to $106,717 | 20.5% | 9.15% | 29.65% |
$106,717 to $165,430 | 26% | 11.16% | 37.16% |
$165,430 to $235,675 | 29% | 12.16% | 41.16% |
Over $235,675 | 33% | 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.