Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$64,743
Federal tax deduction
- $9,653
Provincial tax deduction
- $4,405
CPP deduction
- $3,485
EI deduction
- $953
Total tax
- $18,495
Net pay
* $46,248
Marginal tax rate
34.2%
Average tax rate
28.6%
71.4%
Net pay
28.6%
Total tax
Total tax
Net pay
Summary
If you make $64,743 a year living in the region of Ontario, Canada, you will be taxed $18,495. That means that your net pay will be $46,248 per year, or $3,854 per month. Your average tax rate is 28.6% 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.