11 tax changes and new rules that will affect your finances in 2023 — via financialpost
: Most income tax and benefit amounts are indexed to inflation. In November 2022, the
Each province also has its own set of provincial tax brackets, most of which have also been indexed to inflation, but using their respective provincial indexation factors.: The BPA is the amount of income an individual can earn without paying any federal tax. The government in December 2019 announced an increase in the BPA annually until it reaches $15,000 in 2023, after which it will be indexed to inflation.
But higher income earners may not get the full, increased BPA since there is an income test. The enhanced BPA is gradually reduced, on a straight-line basis, for taxpayers with net incomes of more than $165,430 until it gets fully phased out when a taxpayer’s income tops $235,675 .
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