Income tax calculator OntarioFind out how much your salary is after tax
Salary rate
Withholding
Salary $42,378
EI deduction - $670
CPP deduction - $2,216
Federal tax deduction - $5,731
Provincial tax deduction - $2,444
Total tax - $11,061
Net pay * $31,317
Marginal tax rate 25.9%
Average tax rate 26.1%
26.1%Total tax
73.9%
Net payThe Taxberg
$31,317
Net pay
$3,153
Tax the employer pays
$11,061
Tax you pay
Total tax paid
$14,214
Did you know your employer also pays tax on your salary? It costs the employer $3,153 to pay you $42,378. 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$42,378 yearly is how much per hour?$21 hourly is how much per year?Quel est le salaire moyen en Canada ?
Summary
If you make $42,378 a year living in the region of Ontario, Canada, you will be taxed $11,061. That means that your net pay will be $31,317 per year, or $2,610 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 $25.9, hence, your net pay will only increase by $74.1.
Bonus ExampleA $1,000 bonus will generate an extra $741 of net incomes. A $5,000 bonus will generate an extra $3,705 of net incomes.
| Country | Net pay | Average tax | Rank |
|---|---|---|---|
| Nunavut | CAD 32,182 | 24.1% | 1 |
| British Columbia | CAD 31,739 | 25.1% | 2 |
| Northwest Territories | CAD 31,432 | 25.8% | 3 |
| Nova Scotia | CAD 29,503 | 30.4% | 11 |
| Prince Edward Island | CAD 29,475 | 30.4% | 12 |
| Manitoba | CAD 29,341 | 30.8% | 13 |
NOTE* Withholding is calculated based on the Ontario tables of CA, 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.