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Income Tax Calculator 2024

Curious about how much income tax you’ll owe for the 2023 tax year in 2024? Forbes Advisor Canada has a tool to help you figure it out.

 

Whatever the results of your income tax filing—whether you owe money to the CRA, profited from a capital gain or are expecting a refund—it’s always a good plan to try and get an idea of what you might owe. That way, if you do owe money, you’ll have the funds already saved and ready when the taxman comes calling in April. You can get ahead of the game by using the features of our income tax calculator below to estimate how much you may owe, both federally and provincially.

 

After-Tax Income

$43,828

If you make $60,000 Annually in Ontario, Canada, you will be taxed $11,847. Your average tax rate is 14.47% and your marginal tax rate is 20.5%. This marginal tax rate means that your immediate additional income will be taxed at this rate.
Federal Income Tax
Amount $8,681.38
Marginal Rate 20.5%
Average Rate
14.47%
Ontario Provincial Tax
Amount $3,166
Marginal Rate 9.15%
Average Rate
5.59%
CPP
Amount $3,347
Marginal Rate 5.95%
EI
Amount $978
Marginal Rate 1.63%
Total income tax $11,847
Canada Pension Plan $3,347
Employee Insurance $978
After-Tax Income $43,828
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Compare Your After-Tax Income To Other Provinces or Territories

Province or Territory

Income Tax Rate By Province or Territory

View how much tax you may pay in other provinces or territories based on the filing status and province or territory entered above.

Province or Territory Net Pay Provincial Tax Rate Rank
Nunavut C$ 44,600 4.30% 1
Ontario C$ 43,828 5.59% 2
British Columbia C$ 43,701 5.59% 2
Northwest Territories C$ 43,525 6.28% 4
Yukon C$ 43,359 6.54% 5
Enter your gross annual income
Select the province you live in

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