An annual salary of $40,000 in Ontario translates to a good middle-income salary that affords a decent standard of living in most areas across the province. With the average individual income in Ontario at around $52,000 per year, a salary of $40,000 puts an individual slightly below the middle of the income distribution. While not […]
A $100,000 salary may sound like a lot, but after deducting taxes, deductions, and living costs in Ontario, the take-home amount will be considerably less. This article will analyze the key components that determine your net income from a $100k salary, including: Tax Rates in Ontario The tax rates in Ontario for 2023 on a […]
Current liabilities are financial obligations of a business that are due within one year or within a normal operating cycle. Identifying, recording, and properly disclosing current liabilities is an important aspect of financial accounting in Canada. I will provide an overview of key principles and concepts related to current liabilities under Canadian generally accepted accounting principles […]
Tax Rates An individual earning $95,000 annually in Ontario would fall into the following federal and provincial tax brackets for 2023: Federal Tax Brackets 15% on the first $53,359 20.5% on the next $53,360 to $106,717 26% on the next $43,483 to $150,000 29% on the remaining $45,000 Ontario Tax Brackets 5.05% on the first […]
Making $200k After Tax in Ontario: A Comprehensive Guide Earning a $200,000 annual salary puts you in an elite group of top income earners in Ontario. But after federal and provincial taxes, how much of that income do you actually take home? And what is the lifestyle impact of making $200k in Ontario compared to […]
Tax Rates on $110k in Ontario An individual earning $110,000 annually in Ontario would fall into the 43.41% marginal tax bracket for 2023. This means every additional dollar earned above $110,000 is taxed at 43.41% [1]. The breakdown of taxes on $110,000 in Ontario is: Federal tax: $17,366 Provincial tax: $9,518 Canada Pension Plan (CPP): […]
Tax Rates An individual earning $68,000 per year in Ontario would fall into the 29.65% marginal tax bracket for 2024. This means federal and provincial income taxes are calculated as follows: Federal tax: 15% on the first $53,359 of taxable income, plus 20.5% on the next $53,360 to $106,717, plus 26% on the next $58,713 […]
Tax Rates on $130,000 in Ontario The tax rates on $130,000 of income in Ontario consist of federal and provincial income taxes, as well as Canada Pension Plan (CPP) and Employment Insurance (EI) premiums. Federal Tax Rates The federal tax rates for 2023 applied to a taxable income of $130,000 are: 15% on the first […]
Companies in Canada use the margin of safety and operating leverage as two crucial financial metrics to evaluate profitability and risk. Margin of Safety The margin of safety measures the buffer between a company's actual or budgeted sales revenue and its breakeven point. It shows how much sales can fall before losses are incurred. The […]
The statement of cash flows is one of the core financial statements, along with the income statement and balance sheet, that provides important information about a company's financial health and performance. In Canada, the statement of cash flows is governed by accounting standards issued by the Accounting Standards Board (AcSB). Here is an overview of […]
In managerial accounting, manufacturing overhead refers to the indirect costs incurred during production that cannot be easily traced to individual units produced. These costs include things like factory utilities, equipment depreciation, and factory supervisor salaries. To allocate overhead costs to units produced, companies estimate the overhead costs for the year and divide that by an […]
What is ODSP? According to the Ontario Government, the Ontario Disability Support Program (ODSP) was created “to meet the unique needs of disabled residents of Ontario through the provision of income and support to help recipients find meaningful employment. ODSP is a social assistance program that provides financial support to eligible residents of Ontario who […]
Tax Rates on $85,000 in Ontario An individual earning $85,000 per year in Ontario would fall into the 31.48% marginal tax bracket for 2023. This means every additional dollar earned above $85,094 is taxed at 31.48% [1]. The total income taxes paid on an $85,000 salary in Ontario are estimated to be $24,797, which includes: […]
Tax Rates and Take Home Pay An individual earning $75,000 annually in Ontario would have the following tax rates applied: Federal tax rate: 15% on the first $53,359 20.5% on the next $21,641 Ontario provincial tax rate: 5.05% on the first $49,231 9.15% on the next $25,769 Based on these tax brackets, the total annual […]
Tax Rates and Take Home Pay on $85,000 in Ontario An annual salary of $85,000 in Ontario would have the following key tax rates and take home pay: Total Income: $85,000 Federal Tax: $11,436 Provincial Tax: $5,685 CPP Contributions: $3,754 EI Premiums: $1,002 Total Deductions: $21,878 Net Take Home Pay: $63,122 This results in an […]
Tax Rates and Take Home Pay An individual earning $150,000 in Ontario would face the following tax rates in 2023: Federal tax rate: 26% Ontario provincial tax rate: 11.16% Combined federal + provincial marginal tax rate: 37.16% After taking into account tax deductions and credits, the average total tax rate would be approximately 30%, meaning […]
A $45,000 annual salary in Ontario results in an average net pay of about $33,261 per year after tax, equaling $2,772 per month. This article will analyze the key details around a $45,000 salary including: Tax rates and deductions Take-home pay How it compares to the average and median income Cost of living considerations Income […]
Tax Rates and Take-Home Pay An individual earning $72,000 per year in Ontario would have the following income tax rates applied in 2024: Federal tax rate: 20.5% on income between $50,197 and $100,392, plus 26% on income between $100,392 and $72,000 Ontario tax rate: 9.15% on income between $49,231 and $98,462 This results in an […]
For an annual gross income of $60,000 in Ontario, the total taxes paid will be around $16,874. This includes federal tax of $6,329, provincial tax of $3,255, Canada Pension Plan (CPP) contributions of $3,362, and Employment Insurance (EI) premiums of $978. Therefore, the net take home pay after tax will be approximately $43,126 annually, which […]
Take Home Pay and Tax Brackets Making $70,000 per year in Ontario puts you in the second tax bracket, with an average tax rate of 22.28% and a marginal tax rate of 29.65%. This means: Your total income taxes (federal + provincial) will be $15,596.79. Your after-tax take home pay will be $54,403.21 per year, […]
Take Home Pay and Tax Rates For a gross annual salary of $80,000 in Ontario in 2024, the total income tax deduction is estimated to be $20,396, resulting in a net annual take home pay of $59,604, or $4,967 per month. The average tax rate is 24.9% and the marginal tax rate is 31.5%. This […]
Take Home Pay and Tax Rates For a $65,000 annual salary in Ontario in 2023, the total income tax and payroll deductions will be about $15,703, leaving a net take home pay of $49,297 per year or $4,108 per month. The marginal tax rate is 35.6% and the average tax rate is 24.16%. This includes […]
Tax Rates and Take-Home Pay For a gross annual income of $120,000 in Ontario, total income tax owed is estimated to be around $38,647, including federal tax, provincial tax, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums. This results in an average tax rate of 32.2% and a marginal tax rate of 43.4% […]
Tax Rates and Take-Home Pay on $130k in Ontario For an annual salary of $130,000 in Ontario, the total income tax and payroll deductions come out to around $39,000, leaving a net take-home pay of about $91,000 per year or $7,600 per month. The average tax rate is around 30% and the marginal tax rate […]
Tax Rates Based on the provided search results, if you make $55,000 per year living in Ontario, Canada, you will be taxed $15,100 on your income. This includes: Federal tax: $5,648 Provincial tax: $2,983 Canada Pension Plan (CPP): $2,935 Employment Insurance (EI) premiums: $869 Your total tax represents 27.5% of your income. Your marginal tax […]
A $52,000 annual salary in Ontario translates to a good middle-income salary. As of 2024, it falls under the second federal income tax bracket, between $50,197 and $100,391, taxed at 20.5%. At the provincial level, it falls under the second tax bracket between $46,226 and $92,453, taxed at 9.15%. After accounting for federal and provincial […]
Tax Rates An individual earning $48,000 per year in Ontario would fall into the 11.16% tax bracket for 2024. This means they pay 11.16% tax on every dollar earned above $98,463. When combined with federal taxes, the total tax rate on $48,000 of income is approximately 26.5%, consisting of: 15% federal tax 11.16% provincial tax […]
Labor is a major cost component for many businesses. Understanding and analyzing labor variances - the difference between actual labor costs incurred and standard or budgeted labor costs - provides important insights into operational performance and efficiency. This article will focus on the key aspects of labor variance analysis in the Canadian context: Causes of […]
Tax Rates on a $58,000 Salary in Ontario The tax rates in Ontario on a $58,000 salary are as follows: Federal tax rate: 15% on the first $53,359 of taxable income Provincial tax rate: 9.15% on taxable income from $49,231 to $98,462 The combined federal and provincial marginal tax rate is 24.15% and the average […]
The federal Goods and Services Tax (GST) is a 5% tax applied on most goods and services in Canada. To help offset the cost of the GST for low and modest income individuals and families, the government provides the GST tax credit. In Fall 2022, the federal government announced a one-time doubling of the GST […]
