 Welcome to 2023!
Here are some of the new numbers to get you started:
RSP:
- if you use the first 60 days for your 2022 contribution- 18% of your earned income to a max of $29,210
- if you're done with 2022 contributions and moving into 2023- 18% of your earned income to a max of $30,780
TFSA:
- new 2023 room- $6,500
- total room if you've never contributed, were 18 or older in 2009 & lived in Canada- $88,000
You can find your personal contribution amounts in your myCRA account online (RSP & TFSA) or on your Notice of Assessment (RSP only). Remember that the amounts you see online can lag your actual contribution amounts- the information from the institution to CRA isn't instanteous. If you have scehduled monthly contributions, or just made a lump-sum contribution, make sure you subtract that amount before making another contribution.
Inflation adjustment for income tax brackets & benefit amounts: 6.3%
Basic personal amount- this is the amount that you can earn without paying any federal tax. New for 2023- $15,000 for those earning less than $165,430 (net), gradual reduction for those between $165,430-$235,675 (net) and $13,521 for those about $235,675
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