Income Tax Brackets Ontario 2020

Please read the article understanding the tables of personal income tax rates.

Income tax brackets ontario 2020. 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 different provinces and territories in canada also collect income taxes that are payable along with your federal return. How to calculate income tax in ontario.

Ontario tax rates current marginal tax rates ontario personal income tax rates ontario 2021 and 2020 personal marginal income tax rates. 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. 2020 income tax in ontario is calculated separately for federal tax commitments and ontario province tax commitments depending on where the. The provincial tax rates and brackets for 2020 are below.

2020 federal tax brackets and rates. 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. Calculate the tax savings your rrsp contribution generates. 2020 includes all rate changes announced up to july 31 2020.

If your base provincial tax is below 4 830 you pay no surtax. Ontario 2020 tax rates. For 2020 the ontario surtax is a bit more complicated see chart below. Ontario tax brackets 2020.

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. The information deisplayed in the ontario tax brackets for 2020 is used for the 2020 ontario tax calculator. The federal tax rates in canada follow the same pattern with rates increasing as your taxable income goes up.

2020 01 13 table takes into account federal basic personal amount of 13 229 and ontario basic personal amount of 10 783. Here are the tax rates for ontario. 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. Calculate your combined federal and provincial tax bill in each province and territory.

The federal tax brackets and personal tax credit amounts are increased for 2021 by an indexation factor of 1 010. Quebec collects its provincial income taxes directly via agence du revenu du quebec. 15 on the first 48 535 of taxable income and. Provincial tax brackets and rates for 2020.