Income Tax Brackets 2020 Ontario

2020 01 13 table takes into account federal basic personal amount of 13 229 and ontario basic personal amount of 10 783.

Income tax brackets 2020 ontario. Note that the federal amount of 13 229 is gradually reduced to 12 298 from taxable income of 150 473 until it reaches 214 368. The range of annual income and the. Tax rates for previous years 1985 to 2019 to find income tax rates from previous years see the income tax package for that year. For 2020 the ontario surtax is a bit more complicated see chart below.

The federal tax rates in canada follow the same pattern with rates increasing as your taxable income goes up. Provincial tax brackets and rates for 2020. Ontario tax brackets 2020. The ontario basic personal amount has also been increased to 10 783 for 2019 from 10 582 in 2020.

5 05 on the first 44 740 of taxable income plus 9 15 on the next 44 742 plus 11 16 on the next 60 518 plus 12 16 on the next 70 000 plus 13 16 on the amount over 220 000. For 2020 you pay. 20 50 on the next 48 534 of taxable income on the portion of taxable income over 48 535 up to 97 069 and. The federal tax brackets and personal tax credit amounts are increased for 2021 by an indexation factor of 1 010.

2020 federal tax brackets and rates. Ontario 2020 tax rates. Quebec collects its provincial income taxes directly via agence du revenu du quebec. How to calculate income tax in ontario.

For 2018 and previous tax years you can find the federal tax rates on schedule 1 for 2019 and later tax years you can find the federal tax rates on the income tax and benefit return you will find the provincial or territorial tax rates on form 428 for the. The provincial tax rates and brackets for 2020 are below. There are 5 ta. The information deisplayed in the ontario tax brackets for 2020 is used for the 2020 ontario tax calculator.

2020 personal income tax rates ontario marginal rate taxable income federal tax. Ontario s income tax brackets for tax year 2020 5 05 on the first portion of the taxable income of 44 740 or less 9 15 on the next portion of taxable income over 44 742 up to 89 482. 15 on the first 48 535 of taxable income and. If your base provincial tax is below 4 830 you pay no surtax.

Here are the tax rates for ontario. The ontario tax brackets personal amount and surtax amounts were increased for 2020 by an indexation factor of 1 019 except for the two highest brackets which are not indexed. The 2020 tax year in ontario runs from january 2020 to december 2020 with individual tax returns due no later than the following april 30 th 2021. Ontario tax rates current marginal tax rates ontario personal income tax rates ontario 2021 and 2020 personal marginal income tax rates.