On May 18, 2004, the Minister of Finance for Ontario announced changes to the Ontario tax for 2004 and subsequent years. The Ontario Health Premium is payable on annual taxable income in excess of $20,000. The Ontario Health Premium is not related to the Employer Health Tax for Ontario. Effective January 1, 2005 and later, the Ontario Health Premium is as follows:
|
Ontario Health Premium Rates |
|
| Income Level |
Premium Payable |
| 0 - $20,000 |
0% |
| $36,000 - $48,000 | lesser of (i) $450, and (ii) $300 plus 6% of taxable income greater than $36,000 |
| $48,001 - $72,000 | lesser of (i) $600, and (ii) $450 plus 25% of taxable income greater than $48,000 |
| $72,001 - $200,000 | lesser of (i) $750, and (ii) $600 plus 25% of taxable income greater than $72,000 |
| $200,001 and greater | lesser of (i) $900, and (ii) $750 plus 25% of taxable income greater than $200,000 |
The Ontario Health Premium Tax has been built into the new tax tables released by CRA and nothing needs to be manually calculated. This table is for informational purposes only.
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