Adjustment for personal income tax and benefit amounts in 2023

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The Canada Revenue Agency in November 2022 announced some changes for 2023. Here are the important figures you need to know for 2023.

Indexation
The Canada Revenue Agency’s indexation increase for 2023 is 6.3%

TFSA contribution Limit
The TFSA contribution limit for 2023 is $6,500.

RRSP Contribution Limit
The RRSP dollar limit for 2023 is $30,780.

Tax bracket thresholds

Description20232022
Taxable income above which the 20.5% bracket begins$53,359$50,197
Taxable income above which the 26% bracket begins$106,717$100,392
Taxable income above which the 29% bracket begins$165,430$155,625
Taxable income above which the 33% bracket begins$235,675$221,708

CPP Contributions

  • The maximum pensionable earnings under the Canada Pension Plan for 2023 will be $66,600. 
  • Employee and employer CPP contribution rates for 2023 will be 5.95%

Canada Child Benefit

Description

2023

2022

CCB (base benefit, child under age 6)$7,437$6,997
CCB (base benefit, child aged 6 to 17)$6,275$5,903

Did you know? You can increase your CCB next year. Call me to find out how. 

Information recent as of November 15, 2022.

For more detailed information click here to read in CRA website.

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