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Judge Halts Retailer’s Bid for Former Hudson’s Bay Space at Yorkdale

Judge blocks department store from moving into former HBC space at Yorkdale mall. A proposed plan to open a new retailer in the former Hudson’s Bay space at Yorkdale Shopping Centre has been stopped by an Ontario judge. The decision blocks a deal that would have transferred the large anchor location to a discount-focused department store operator. The court found that the arrangement did not meet the standards required for such a major tenancy change, supporting Yorkdale’s position that the retailer was not an appropriate fit for the mall’s upscale environment. The ruling ends months of dispute over the future of the vacant three-level space and underscores the challenges malls face as they try to repurpose former department store footprints. Yorkdale, known for its luxury brands and high-end positioning, is now expected to pursue alternatives that better align with its long‑term strategy.
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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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