Income tax calculator Ontario

Find out how much your salary is after tax

Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$40,980
Federal tax deduction
- $5,536
Provincial tax deduction
- $2,379
CPP deduction
- $2,136
EI deduction
- $647
Total tax
- $10,699
Net pay
* $30,281
Marginal tax rate
25.9%
Average tax rate
26.1%
73.9%
Net pay
26.1%
Total tax
Total tax
Net pay
The Taxberg
$30,281
Net pay
$3,043
Tax the employer pays
$10,699
Tax you pay
Total tax paid
$13,742
Did you know your employer also pays tax on your salary? It costs the employer $3,043 to pay you $40,980. In other words, every time you spend $10 of your hard-earned money, $3.35 goes to the government.
Real tax rate
31.2%
So, with you and the employer both paying tax, what used to be a 26.1% tax rate now rises to 31.2%, meaning your real tax rate is actually 5.1% higher than what it seemed at first.
People also ask
$40,980 yearly is how much per hour?
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Summary
If you make $40,980 a year living in the region of Ontario, Canada, you will be taxed $10,699. That means that your net pay will be $30,281 per year, or $2,523 per month. Your average tax rate is 26.1% and your marginal tax rate is 25.9%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of $100 in your salary will be taxed $25.87, hence, your net pay will only increase by $74.13.
Bonus Example
A $1,000 bonus will generate an extra $741 of net incomes. A $5,000 bonus will generate an extra $3,707 of net incomes.
Compare average tax
Region
Alberta
British Columbia
Manitoba
New Brunswick
Newfoundland and Labrador
Northwest Territories
Nova Scotia
Nunavut
Ontario
Prince Edward Island
Quebec
Saskatchewan
Yukon
Tax per income
$40,500
$41,000
$41,500
$42,000
$42,500
$43,000
$43,500
$44,000
$44,500
$45,000
$45,500
$46,000
$46,500
$47,000
$47,500
$48,000
$48,500
$49,000
$49,500
$50,000
Tax per region
Region
Net pay
Average tax
Rank
Nunavut
CAD 31,132
24.0%
1
British Columbia
CAD 30,717
25.0%
2
Northwest Territories
CAD 30,406
25.8%
3
Ontario
CAD 30,281
26.1%
4
Yukon
CAD 30,298
26.1%
5
Quebec
CAD 29,845
27.2%
6
Newfoundland and Labrador
CAD 29,231
28.7%
7
New Brunswick
CAD 29,068
29.1%
8
Alberta
CAD 28,840
29.6%
9
Saskatchewan
CAD 28,649
30.1%
10
Nova Scotia
CAD 28,601
30.2%
11
Prince Edward Island
CAD 28,556
30.3%
12
Manitoba
CAD 28,406
30.7%
13
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North America
Country 
Net pay
Average tax
Rank
USA
CAD 33,636
17.9%
1
Canada
CAD 30,281
26.1%
2
Latin America
Country 
Net pay
Average tax
Rank
Guatemala
CAD 37,051
9.6%
1
Puerto Rico
CAD 36,033
12.1%
2
Costa Rica
CAD 35,828
12.6%
3
Ecuador
CAD 34,746
15.2%
4
Colombia
CAD 33,357
18.6%
5
Panama
CAD 33,302
18.7%
6
Chile
CAD 32,815
19.9%
7
Mexico
CAD 31,493
23.2%
8
Peru
CAD 31,284
23.7%
9
Brazil
CAD 30,493
25.6%
10
Uruguay
CAD 29,599
27.8%
11
Argentina
CAD 26,627
35.0%
12
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Africa
Country 
Net pay
Average tax
Rank
South Africa
CAD 31,983
22.0%
1
Angola
CAD 30,054
26.7%
2
Mozambique
CAD 29,718
27.5%
3
Kenya
CAD 29,392
28.3%
4
Ghana
CAD 28,498
30.5%
5
Ivory Coast
CAD 28,346
30.8%
6
Nigeria
CAD 28,048
31.6%
7
Morocco
CAD 27,981
31.7%
8
Uganda
CAD 27,047
34.0%
9
Cameroon
CAD 26,667
34.9%
10
Senegal
CAD 26,181
36.1%
11
Zambia
CAD 25,609
37.5%
12
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NOTE* Withholding is calculated based on the Ontario tables of Canada, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.