For most taxpayers, the first few months of the year are a seemingly unending series of bills and payment deadlines. During January and February, many Canadians are still trying to pay off the bills from holiday spending.
Newsletter - Page 10 of 28 - Akler Browning LLP
Latest news and regulations from the financial world.
Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency. That mail, a “Tax Instalment Reminder”, will set out the amount of instalment payments of income tax to be paid by the recipient taxpayer by March 15 and June 15 of this year.
2022 was a year of almost unrelenting bad financial news for Canadians, but perhaps no group was more affected by those changes than retirees who rely on income from unindexed pensions and from returns on invested savings.
The Employment Insurance premium rate for 2023 is set at 1.63%.
The Québec Pension Plan contribution rate for 2023 is set at 6.40% of pensionable earnings for the year.
The Canada Pension Plan contribution rate for 2023 is set at 5.95% of pensionable earnings for the year.
Dollar amounts on which individual non-refundable federal tax credits for 2023 are based, and the actual tax credit claimable, will be as follows:
The indexing factor for federal tax credits and brackets for 2023 is 6.3%. The following federal tax rates and brackets will be in effect for individuals for the 2023 tax year.
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning strategies. Some of the more significant dates and changes for individual taxpayers for 2023 are listed below.
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.