Federal tax deduction
Provincial tax deduction
If you make
$40,000 a year living in the region of Ontario, Canada, you will be taxed $7,972. That means that your net pay will be $32,028 per year, or $2,669 per month. Your average tax rate is 19.93% and your marginal tax rate is 27.01%. 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 $27.01, hence, your net pay will only increase by $72.99.
$1,000 bonus will generate an extra $730 of net revenues. A $5,000 bonus will generate an extra $3,650 of net revenues.
Tax per income
NOTE* Deductions are calculated based on the Ontario tables of Canada, 2018 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.