Ontario tax on taxable income - Form ON428 2025

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The document is a tax form (ON428) for Ontario, detailing the calculation of Ontario tax on taxable income and non-refundable tax credits for the year 2021. It includes sections for determining taxable income brackets, applicable tax rates, and various non-refundable tax credits such as basic personal amounts, caregiver amounts, and medical expenses. The form guides users through the process of calculating their total Ontario tax liability after accounting for credits and deductions.

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Begin with Part A, where you will enter your taxable income from line 26000 of your return. Depending on the amount, follow the corresponding calculations for Ontario tax on taxable income.
In Part B, input your non-refundable tax credits. This includes amounts like the basic personal amount and any eligible dependant amounts. Ensure to calculate each line accurately.
Proceed to Part C, where you will calculate your total Ontario tax. Subtract any non-refundable tax credits from your calculated tax in Part A to determine your final amount owed.
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What is a T5007 slip in Canada?

What is a T5007 Tax Slip? the amount of provincial assistance issued to you in a tax year.

What is the amount of the disability tax credit in Ontario?

Ontario Provincial Base and Supplement amount table for last 10 Years YearProvincial Base AmountProvincial Supplement amount 2020 $8,712 $5,081 2021 $8,790 $5,127 2022 $9,001 $5,250 2023 $9,586 $5,5917 more rows

Do I have to report welfare on my taxes?

Examples of items that arent earned income include interest and dividends, pensions and annuities, Social Security and railroad retirement benefits (including disability benefits), alimony and child support, welfare benefits, workers compensation benefits, unemployment compensation (insurance), nontaxable foster care

What is a T5007 tax slip Ontario?

The T5007 statement of benefits, or T5 for short, is a tax slip that the Ministry of Community and Social Services issues to people who have received social assistance. You will receive a T5 in the mail by the end of February if you received social assistance during the previous year.

How much tax on $42,000 income in Ontario?

If you make $42,000 a year living in the region of Ontario, Canada, you will be taxed $10,963. That means that your net pay will be $31,037 per year, or $2,586 per month. Your average tax rate is 26.1% and your marginal tax rate is 25.9%.

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What is form 428 in Ontario?

Use Form 428 to calculate your provincial or territorial tax if one of the following applies: You were a resident of a province or territory in Canada (other than Quebec) at the end of the year.

What is my taxable income Ontario?

Ontario tax brackets 2024 Ontario tax bracketOntario tax rates $51,446 or less 5.05 % $51,447 to $102,894 9.15 % $102,895 to $150,000 11.16 % $150,001 to $220,000 12.16 %1 more row

Do welfare recipients get tax refunds in Canada?

Make sure you keep your T5007 slip and any receipts for payments from the foster agency.So, can you get a tax refund if youre on welfare? Yes! So do your taxes and see how much!

Ontario tax on taxable income - Form ON428 2025

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How to use or fill out Ontario tax on taxable income - Form ON428 with our platform

See more Ontario tax on taxable income - Form ON428 versions

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Got questions?

What is a T5007 slip in Canada?

What is the amount of the disability tax credit in Ontario?

Do I have to report welfare on my taxes?

What is a T5007 tax slip Ontario?

How much tax on $42,000 income in Ontario?

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What is form 428 in Ontario?

What is my taxable income Ontario?

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