Basic Exemption - $14,398
$14,398 to $50,197 @ 15%
$50,198 to $100,392 @ 20.5%
$100,393 to $155,625 @ 26%
$155,626 to $221,708 @ 29%
Above $221,708 @ 33%
Basic Exemption - $11,141
$11,141 to $46,226 @ 5.05%
$46,226 to $92,454 @ 9.15%
$92,454 to $150,000 @ 11.16%
$150,000 to $220,000 @ 12.16%
Above $220,000 @ 13.16%
General for all
- May 1, 2023
- June 15, 2023
but any taxes due to be paid by April 30.
There are two rates of Income tax
Lower rate - 3.2% :
The lower rate applies to the income eligible for the federal small business deduction. One component of the small business deduction is the business limit. Some provinces or territories choose to use the federal business limit. Others establish their own business limit.
Higher rate - 11.5%
The higher rate applies to all other income.
Tax Return filing date
Within six months after the end of each tax year. The tax year of a corporation is its fiscal period.
Corporate tax to be paid
General : Within 2 months of the end of the tax year.
Canadian-controlled private corporation (CCPC) : within 3 months of the end of the tax year (based on some conditions)
Maximum RRSP Contribution Limit: $29,210
TFSA Limit: $6,000
Maximum Pensionable Earning for CPP: $64,900 with a basic exemption of $3,500
Maximum Insurable Earnings for EI: $60,300
Lifetime Capital Gains Exemption: $913,630
Medical Expense Tax Credit Threshold: $2,479
Net Income Threshold for Erosion of Age Amount: $39,826; Eliminated at $92,479
Child Care/Attendant Care Threshold for Erosion of Disability Supplement for Taxpayers Under 18: $3,030; Eliminated at $8,204
Net Income Threshold for Erosion of Caregiver Amount: $17,670; Eliminated at $25,195
Old Age Security Income Recovery Threshold: $81,761
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