Income tax calculator Ontario

Find out how much your salary is after tax

Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$42,640
Federal tax deduction
- $5,767
Provincial tax deduction
- $2,457
CPP deduction
- $2,231
EI deduction
- $674
Total tax
- $11,129
Net pay
* $31,511
Marginal tax rate
25.9%
Average tax rate
26.1%
73.9%
Net pay
26.1%
Total tax
Total tax
Net pay
The Taxberg
$31,511
Net pay
$3,174
Tax the employer pays
$11,129
Tax you pay
Total tax paid
$14,303
Did you know your employer also pays tax on your salary? It costs the employer $3,174 to pay you $42,640. 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
$42,640 yearly is how much per hour?
$21.87 hourly is how much per year?
What is the average salary in Canada?
Summary
If you make $42,640 a year living in the region of Ontario, Canada, you will be taxed $11,129. That means that your net pay will be $31,511 per year, or $2,626 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
$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
$50,500
$51,000
$51,500
$52,000
Europe
Country 
Net pay
Average tax
Rank
Switzerland
CAD 37,818
11.3%
1
Russia
CAD 37,097
13.0%
2
Ireland
CAD 36,589
14.2%
3
United Kingdom
CAD 35,948
15.7%
4
France
CAD 35,755
16.2%
5
Hungary
CAD 34,752
18.5%
6
Ukraine
CAD 34,325
19.5%
7
Norway
CAD 34,003
20.3%
8
Luxembourg
CAD 33,735
20.9%
9
Czech Republic
CAD 33,357
21.8%
10
Spain
CAD 33,128
22.3%
11
Austria
CAD 32,696
23.3%
12
Sweden
CAD 30,372
28.8%
13
Greece
CAD 30,075
29.5%
14
Germany
CAD 29,618
30.5%
15
Italy
CAD 29,123
31.7%
16
Poland
CAD 28,964
32.1%
17
Denmark
CAD 28,660
32.8%
18
Finland
CAD 27,760
34.9%
19
Netherlands
CAD 26,833
37.1%
20
Portugal
CAD 26,648
37.5%
21
Romania
CAD 24,944
41.5%
22
Belgium
CAD 23,592
44.7%
23
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North America
Country 
Net pay
Average tax
Rank
USA
CAD 34,864
18.2%
1
Canada
CAD 31,511
26.1%
2
Asia / Pacific
Country 
Net pay
Average tax
Rank
Hong Kong
CAD 39,850
6.5%
1
Taiwan
CAD 38,003
10.9%
2
Thailand
CAD 37,125
12.9%
3
Australia
CAD 36,638
14.1%
4
South Korea
CAD 35,375
17.0%
5
New Zealand
CAD 35,050
17.8%
6
Kazakhstan
CAD 34,174
19.9%
7
Indonesia
CAD 33,752
20.8%
8
Pakistan
CAD 33,509
21.4%
9
Singapore
CAD 33,481
21.5%
10
Japan
CAD 33,011
22.6%
11
Malaysia
CAD 32,762
23.2%
12
Philippines
CAD 31,799
25.4%
13
Vietnam
CAD 30,580
28.3%
14
China
CAD 28,729
32.6%
15
India
CAD 27,445
35.6%
16
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Latin America
Country 
Net pay
Average tax
Rank
Guatemala
CAD 38,551
9.6%
1
Puerto Rico
CAD 37,378
12.3%
2
Costa Rica
CAD 37,166
12.8%
3
Ecuador
CAD 36,023
15.5%
4
Panama
CAD 34,558
19.0%
5
Colombia
CAD 34,520
19.0%
6
Chile
CAD 34,073
20.1%
7
Mexico
CAD 32,609
23.5%
8
Peru
CAD 32,500
23.8%
9
Brazil
CAD 31,696
25.7%
10
Uruguay
CAD 30,802
27.8%
11
Argentina
CAD 27,706
35.0%
12
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Africa
Country 
Net pay
Average tax
Rank
South Africa
CAD 33,045
22.5%
1
Angola
CAD 31,262
26.7%
2
Mozambique
CAD 30,797
27.8%
3
Kenya
CAD 30,554
28.3%
4
Ghana
CAD 29,596
30.6%
5
Ivory Coast
CAD 29,374
31.1%
6
Nigeria
CAD 29,177
31.6%
7
Morocco
CAD 28,987
32.0%
8
Uganda
CAD 28,126
34.0%
9
Cameroon
CAD 27,678
35.1%
10
Senegal
CAD 27,177
36.3%
11
Zambia
CAD 26,630
37.6%
12
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Middle East
Country 
Net pay
Average tax
Rank
United Arab Emirates
CAD 40,508
5.0%
1
Qatar
CAD 40,508
5.0%
2
Bahrain
CAD 39,229
8.0%
3
Oman
CAD 39,229
8.0%
4
Saudi Arabia
CAD 38,376
10.0%
5
Kuwait
CAD 37,950
11.0%
6
Israel
CAD 35,482
16.8%
7
Egypt
CAD 32,365
24.1%
8
Lebanon
CAD 32,244
24.4%
9
Turkey
CAD 25,101
41.1%
10
Show more
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.