Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$64,344
Federal tax deduction
- $9,574
Provincial tax deduction
- $4,370
CPP deduction
- $3,463
EI deduction
- $952
Total tax
- $18,359
Net pay
* $45,985
Marginal tax rate
34.2%
Average tax rate
28.5%
71.5%
Net pay
28.5%
Total tax
Total tax
Net pay
Summary
If you make $64,344 a year living in the region of Ontario, Canada, you will be taxed $18,359. That means that your net pay will be $45,985 per year, or $3,832 per month. Your average tax rate is 28.5% and your marginal tax rate is 34.2%. 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 $34.19, hence, your net pay will only increase by $65.81.
Bonus Example
A $1,000 bonus will generate an extra $658 of net incomes. A $5,000 bonus will generate an extra $3,291 of net incomes.
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.