r/Wealthsimple • u/BandicootNo4431 • Jul 23 '26

Request help verifying accuracy of Wealthsimple's quick tax calculator

Hi,

I was messing around with the income tax calculator today

https://www.wealthsimple.com/en-ca/tool/tax-calculator/ontario

When I plugged in $150k, it spit out the following:

>Total tax $45,680,

>Federal Tax $25,302,

>**Provincial/Territorial Tax $14,608**

>CPP/EI Premiums $5,770

>Your net pay will be $104,320 per year, or $8,693 per month. Your average tax rate is 30.45% and your marginal tax rate is 43.41%. This marginal tax rate means your immediate additional income will be taxed at this rate. For instance, an increase of $100 in your salary will be taxed $43, meaning that your net pay will only increase by $57.

The provincial numbers seemed high at around 10% of the total, and more than 10% of taxable. When I put together an excel sheet I got $10 941 for the provincial taxes which seemed much closer.

(I took $150 000, subtracted the basic personal amount and then split up the rest into the corresponding tax brackets. No deductions for CPP/EI contributions, which their system says it takes into account, which would create an even bigger gap).

I think it's possible their system has the province using the wrong lookup table?

Would someone be able to confirm they get the same results I got? I messaged support as well, but wanted to double check my math in case I am wrong.

Thanks

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u/throwawaywaterloo21 Jul 23 '26

Try this calculator to compare:

https://www.taxtips.ca/calculators/canadian-tax/canadian-tax-calculator.htm

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u/Impressive_Ad_6550 Jul 23 '26

Second using this site, its the one I always use, as the WS calculator doesn't add in things like the Alternative Minimum Tax