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Use the Payroll Deductions Online Calculator (PDOC) to calculate federal, provincial (except for Quebec), and territorial payroll deductions. It will confirm the deductions you include on your official statement of earnings. You assume the risks associated with using this calculator. The reliability of the calculations produced depends on the ...
These calculations do not include non-refundable tax credits other than the basic personal tax credit. To determine the value of other non-refundable tax credits that may be available, see the individual rate cards. * The rates apply to the actual amount of taxable dividends received from taxable Canadian corporations.
Average tax rate based on adjusted taxable income (actual income) = total taxes & clawbacks (not CPP/EI) divided by adjusted taxable income. Notes: To determine your marginal tax rate put your actual RRSP deduction into "Other deductions", and enter $10 in the RRSP deduction field. The % tax savings is your marginal tax rate.
The calculator is updated with the latest tax rates and brackets as per the 2019 tax year in Ontario. This tool is designed for simplicity and ease of use, focusing solely on income tax calculations. For a more detailed assessment, including other deductions or specific tax advice, consult a tax professional.
Salary Calculator Results 2024–2025. If you live in Ontario and earn a gross annual salary of $75,753, or $6,313 per month, your monthly take-home pay will be $4,743. This results in an effective tax rate of 25%, as estimated by our Canadian salary calculator.
As an employer, you must deduct Employment Insurance (EI) from the insurable earnings you pay to your employees. Follow the steps below to manually calculate an employee’s EI premium. Determine the employee’s insurable earnings. Determine the EI rate for the year. Multiply the amount in step 1 by the rate in step 2.
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Apr 29, 2024 · 13.16%. The Ontario Basic Personal Amount was $11,865 in 2023. For 2024, the basic personal amount is increasing to $12,399. If you make less than $12,399, then you are exempt from Ontario’s provincial income tax. You may still need to pay EI premiums and make CPP contributions.
