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Ontario Income Tax Act s. 3.1(1)
Beginning July 1, 2004, the Ontario government started collecting, through the income tax system, an Ontario Health Premium that is based on an individual's taxable income. This Ontario Health Premium applies to individuals who are residents of Ontario on the last day of the taxation year with taxable income over $20,000 (line 260 of your income tax return). The Ontario Health Premium range up to $900.
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Ontario Health Premium
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Taxable Income
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2005 and Later Tax Years
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2004 Tax Year
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first $20,000
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no premium
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no premium
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over $20,000 up to $25,000
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(taxable income - $20,000) x 6%
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(taxable income - $20,000) x 3%
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over $25,000 up to $36,000
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$300
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$150
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over $36,000 up to $38,500
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$300 + (taxable income - $36,000) x 6%
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$150 + (taxable income - $36,000) x 3%
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over $38,500 up to $48,000
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$450
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$225
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over $48,000 up to $48,600
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$450 + (taxable income - $48,000) x 25%
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$225 + (taxable income - $48,000) x 12.5%
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over $48,600 up to $72,000
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$600
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$300
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over $72,000 up to $72,600
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$600 + (taxable income - $72,000) x 25%
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$300 + (taxable income - $72,000) x 12.5%
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over $72,600 up to $200,000
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$750
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$375
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over $200,000 up to $200,600
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$750 + (taxable income - $200,000) x 25%
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$375 + (taxable income - $200,000) x 12.5%
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over $200,600
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$900
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$450
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See also the Ontario Ministry of Finance web page on the Ontario Health Premium. |
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