How Much $95000 After Tax in Ontario?

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 $49,231
  • 9.15% on the next $49,232 to $98,462
  • 11.16% on the next $51,537 to $150,000
  • 12.16% on the next $70,000 to $220,000
  • 13.16% on the remaining $25,000

Based on these tax brackets, a $95,000 annual salary in Ontario would face the following marginal and average tax rates:

  • Marginal Tax Rate: 37.9%
  • Average Tax Rate: 29.6%

This means on your last dollar earned, you would pay 37.9% in income taxes. But your total effective tax rate on your entire $95,000 salary works out to 29.6% when all taxes are calculated.

Take-Home Pay

After federal and provincial taxes are deducted, your annual take-home pay on a $95,000 salary in Ontario is $66,910.

This works out to $5,576 in take-home pay per month.

Here is the breakdown:

  • Annual Gross Pay: $95,000
  • Total Taxes: $28,090
    • Federal Tax: $13,762
    • Provincial Tax: $7,024
    • CPP: $3,500
    • EI: $953
  • Annual Take-Home Pay: $66,910

So you get to keep about 70.4% of your gross $95,000 salary after taxes.


The main deductions that reduce your take-home pay on a $95,000 annual salary in Ontario are:

Income Taxes

  • You pay $13,762 in federal income taxes
  • You pay $7,024 in provincial income taxes

CPP Contributions

  • You contribute $3,500 annually to the Canada Pension Plan

EI Premiums

  • You contribute $953 annually for Employment Insurance

In total, these deductions of $28,090 on a $95,000 salary result in an average tax rate of 29.6%.

Comparison to Other Provinces

Compared to other provinces, Ontario has higher overall taxes on a $95,000 salary:

  • Alberta: $25,197 in total taxes (21.5% average tax rate)
  • British Columbia: $23,624 in total taxes (19.9% average tax rate)
  • Saskatchewan: $23,307 in total taxes (19.5% average tax rate)

So you would take home between $1,500 to $3,000 more per year if you earned the same $95,000 salary in Alberta, BC or Saskatchewan compared to Ontario.

Is $95,000 a Good Salary?

Overall, a $95,000 salary is considered an excellent salary in Ontario, well above what the average worker earns.

Some key points:

  • The average individual income in Ontario is around $52,000 per year, so a $95,000 salary is 82% higher.
  • A $95,000 income puts you in the top 10-15% income bracket in the province.
  • This salary affords you a comfortable, upper-middle class lifestyle in Ontario. You can afford a nice home, support a family, save substantially and enjoy reasonable luxuries.
  • While not “rich” by Ontario standards, $95,000 certainly provides a good standard of living well above the middle class.

So in summary, a $95,000 annual salary lets you live very comfortably in Ontario, though higher incomes are always nice too!


A $95,000 annual salary in Ontario results in around $66,910 in after-tax take-home pay, based on a 29.6% average tax rate. This salary affords an upper-middle class lifestyle with financial security.

While you lose nearly 30% of your income to taxes, $95,000 remains an objectively excellent salary that places you in the top income tier in Ontario. Very few individuals actually manage to earn this level of income during their working careers.

Written By:
Salman Rundhawa
Salman Rundhawa is the founder of Filing Taxes. Salman provides valuable tax planning, accounting, and income tax preparation services in Toronto, Mississauga, Oakville, and Hamilton.

Leave a Reply

Your email address will not be published. Required fields are marked *

June 5, 2024
Estate Planning Strategies - Guide by an Accounting Firm

Estate planning in Canada involves preparing for the management and distribution of a person's estate after their death. It ensures that the individual's wishes are honored, minimizes taxes, and provides for the needs of their beneficiaries. Death and taxes are two certainties in life, and taxes are also a certainty in death. But when it […]

Read More
May 24, 2024
How to Minimize Taxes on RRSP

A Registered Retirement Savings Plan (RRSP) can represent a key source of future retirement income for many people in Canada. Funding a registered retirement savings plan (RRSP) is a solid option when you’re preparing for retirement. But after years of contributing to your RRSP, you might start to think about withdrawing some or all of that money, […]

Read More
May 24, 2024
What Happens If I Don't File My Tax Returns in Canada

There are many probable consequences related to unfiled tax returns in Canada. Failing to file your tax returns in Canada can have various consequences, ranging from financial penalties to legal actions. Here are some potential repercussions of not filing your tax returns: Late Filing Surcharge The late filing surcharge is a penalty fee when an […]

Read More
1 2 3 23
Contact Form Demo

This will close in 0 seconds

phone-handsetchevron-down Call Now linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram