Estimate your 2020 total income taxes with only a few details about your income and province. Find your average tax rate and how much tax you will have to pay on any additional income.
|Average Tax Rate||%||22.08|
|Marginal Tax Rate||%||29.65|
|Provincial tax bracket||Provincial tax rates|
|Less than $ 15,714||0%|
|$15,715 to $ 20,644||10.1%|
|$20,645 to $ 44,740||5.05%|
|$44,741 to $ 89,482||9.15%|
|$89,483 to $ 150,000||11.16%|
|$150,001 to $ 220,000||12.16%|
|More than $ 220,001||13.16%|
|Federal tax bracket||Federal tax rates|
|Less than $ 13,229||0%|
|$13,230 to $ 48,535||15%|
|$48,536 to $ 97,069||20.5%|
|$97,070 to $ 150,473||26%|
|$150,474 to $ 214,368||29%|
|More than $ 214,369||33%|
* For mortgages of at least $500,000 with down payment under 20%.
WOWA assumes no liability for the accuracy of information presented.
† For mortgages of at least $500,000 over a 25-year amortization period.
Your Marginal Tax Rate is the amount of tax you will have to pay on any additional income. It is determined by your provincial and federal tax brackets. If you earn enough to go into the next tax bracket, your marginal tax rate will increase for any additional income after that point. If you earn less than you expect and go into a lower tax bracket, your marginal tax rate will also go down.
Tax Brackets are ranges of income that determine how much tax you will have to pay on the income in that bracket. Each bracket has a lower and upper limit as well as a tax rate. If you earn more than the lower limit, you will have to pay that tax rate on any additional income up to the upper limit. Any amount beyond the upper limit will be taxed based on the next tax bracket. Each province has their own set of tax brackets, which can differ from the federal tax brackets.