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5 Things to Know Today: BoC Hike Bets, TSX Slide, Oil Near $100 (Oct. 23)

  Canadian Money Brief • Friday, October 23, 2026 The Bank of Canada decision is five days away, the TSX gave back most of Wednesday's gains, and oil is flirting with US$100 again. Here are the five things Canadian wallets need to know today. 1. Markets Lean Toward a Bank of Canada Hike on Oct. 28 A decision that looked like a ninth straight hold is now a genuine coin flip with a hawkish tilt. After Governor Tiff Macklem warned that there is "no resolution in sight" for the Middle East conflict, BMO and Desjardins flipped to a hike call, Scotiabank firmed up its call and Goldman Sachs joined them, all looking for a quarter-point move to 2.50%. Overnight swaps priced about an 87% chance of a hike earlier this week, though other economists still argue for a hold, pointing to September's 68,000 job losses and a 6.5% unemployment rate. What it means for you: A quarter-point hike adds roughly $21 a month in interest for every $100,000 of variable-rate borrowing (HELOCs an...
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Canada’s Income Tax Brackets for 2023: A Comprehensive Guide

 

Quickly find your federal and provincial tax brackets to help you prep for your 2023 income tax return.

As we approach the end of the year, it’s important to start thinking about your 2023 income tax return. One of the most important things to understand is which federal and provincial tax brackets your income falls into. This information lets you estimate how much tax you owe on your 2023 income, and helps you figure out whether to increase your registered retirement savings plan (RRSP) contributions, with the aim of reducing your notice of assessment (NOA) balance owing to $0—and maybe even score a refund.

Canada has a progressive tax system instead of a flat system where everyone pays the same percentage. So, here, people with lower incomes pay a lower percentage, and rates increase progressively for higher income earners through different tax brackets. In other words, the more you make, the more tax you pay on your earnings.

Canada has five federal tax brackets with different tax rates, and because we also pay taxes to the provincial or territorial government where we live, they each have their own tax brackets.

Here’s a quick summary of Canada’s federal income tax brackets for 2023:

  • 15% on the first $50,197 of taxable income
  • 20.5% on the next $50,198-$100,394 of taxable income
  • 26% on the next $100,395-$151,978 of taxable income
  • 29% on the next $151,979-$216,511 of taxable income
  • 33% on taxable income over $216,511

It’s important to note that these tax brackets are subject to change from year to year, and the income ranges are usually adjusted annually for inflation.

To figure out your estimated provincial/territorial tax, follow steps similar to those explained above for the federal tax brackets.

Knowing where you fit within the tax brackets can help you anticipate whether you will owe taxes in April or you will receive a tax refund. And if you owe money, it’s better to find out earlier than later. That way you can save up the money ahead of the May 2, 2023, tax payment deadline and avoid having to pay interest and penalties on overdue taxes. (Normally, the payment deadline is April 30, but in 2023 that falls on a Sunday.)


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