Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
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.)
Comments
Post a Comment