The TFSA contribution limit for 2023 has been revealed by the CRA, with spiking inflation prompting the first increase since 2019.
The limit has gone up to $6,500 from $6,000. The total is indexed to inflation and rounded to the nearest $500, with this year’s 6.3% indexation increase up from 2.4% in 2022.
This means that the total contribution room available in 2023 for someone who has never contributed, and has been eligible since its inception in 2009 is $88,000.
- The 33.0% tax rate begins at taxable income of over $235,675, up from $221,708 in 2022.
- The 29.0% tax rate begins at taxable income of over $165,430, up from $155,625 in 2022.
- The 26.0% tax rate begins at taxable income of over $106,717 up from $100,392 in 2022.
- The 20.5% tax rate begins at taxable income of over $53,359, up from $50,197 in 2022.
- Income up to $53,359 is taxed at 15.0%.
Source: Wealth Professional
Post a comment