The Biggest Tax Changes Canadians Need to Know in 2023
Changes to the TFSA, RRSP, CPP, OAS, Income Tax Brackets, COVID 19 Benefit Repayment and More
1. Inflation
To help Canadians keep up with inflation, which has been at historic highs for over a year, the federal government has adjusted tax brackets for the 2023 year.
Each bracket saw a slight adjustment from the previous thresholds, which means you’ll be paying a lower rate on more of your income. [3] The new brackets and tax rates are:
Up to $50,…
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