To calculate your gross yearly salary (your total earnings over the course of a year) and subtract your taxes owed which depends on the tax bracket that you fall into.

The tax calculation in Ontario is simple. All you have to do is take your total earnings, add the exempted amounts and then deduct the tax deductions and credits that you are eligible for. Once all these steps are followed, you can find out exactly how much tax you need to pay.

The tax rates for Ontario in 2024 are as follows

• Amounts earned up to $51,446 are taxed at 5.05%.
• Amounts above $51,446 up to $102,894 are taxed at 9.15%.
• Amounts $102,894 up to $150,000, the rate is 11.16%.
• Earnings $150,000 up to $220,000 the rates are 12.16%.
• Finally, earnings above $220,000 will be taxed at a rate of 13.16%.