2023 Updates (January 2023)
Federal Tax Rates Indexing Factor 6.3%
Income Federal tax rate
$15,000–$53,359 15%
$53,359–$106,717 20.5%
$106,717–$165,430 26%
$165,430–$235,675 29.32%
Above $235,675 33%
2023 Tax Credits
Basic personal $15,000
New since 2021: The federal basic personal amount comprises two elements:
Base amount $15,000
Additional amount $1,479 (Reduced for individuals with net income in excess of $165,430 and is fully eliminated for individuals with net income in excess of $235,675)
Consequently, the additional amount is clawed back on net income in excess of $165,430 until the additional tax credit of $208 is eliminated; this results in additional federal income tax on net income between $165,430 and $235,675.
Spouse or common-law partner $15,000
Eligible dependant amount (same as spouse amount above)
Age amount $8,396
Age Amount Income Threshold $42,335
Canada Employment amount $1,368
Caregiver amount (under 18) $2,499
Caregiver amount (over 18) $7,999
Caregiver Income Threshold $18,783
Disability amount $9,428
Adoption expenses $18,210
Medical expense (excess of 3% net income or $2,635
Multiply the exemption amounts by 15% (lowest Federal tax rate for 2023) to calculate your non-refundable credit.
2023 Unemployment Insurance
EI premium rate 1.63%.
Max insurable earnings $61,500.00
Maximum employee premium $1002.45
Employer premiums (unchanged) 1.4 times employee contribution.
Maximum employer premium $1403.43
2023 Canada Pension Plan
CPP Rate 5.95% of yearly annual pensionable earnings
Maximum pensionable earnings $66,600.00
Basic pensionable earnings exemption (unchanged) $3,500.00
Maximum employer & employee contributions $3,754.45
Maximum self-employed contribution $7,508.90
2023 Other
Maximum refundable medical $ 1,399
Old Age Security Clawback $86,912
Maximum TFSA Contribution $ 6,500
RRSP contribution limit $30,780
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