Resources

numbers to consider

TFSA Contributions 2023

YearsLimit
2009, 2010, 2011 and 2012$5,000
2013 and 2014$5,500
2015$10,000
2016, 2017, and 2018$5,500
2019, 2020, 2021, and 2022$6,000
2023$6,500
Maximum lifetime contribution$88,000

RRSP Contributions 2023

(% of Pre-Tax Earned Income)

Tax YearMaximum $$$
202318% up to $30,780
202218% up to $29,210
202118% Up to $27,830

 

Last Day Ever for Contribution to RRSP

December 31st of the year you turn 71 years of age

Important Due Dates

Event or MilestoneDue Date
2022 RRSP Contribution DeadlineMarch 1, 2023
Quarterly Instalments Due by the 15th of March, June, September, December
2022 Income Tax Filing for IndividualsMay 1, 2023
2022 Income Tax Payment Due DateMay 1, 2023
2022 Income Tax Filing for Self-Employed*June 15, 2023
* Self-Employed income tax amounts owning must be paid by May 1, 2023 to avoid penalties

 

Prescribed Interest Rates 2023

Type of InterestQ1Q2 Q3 Q4
The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums8%9%9%9%
The interest rate to be paid on corporate taxpayer overpayments4%5%5%5%
The interest rate to be paid on non-corporate taxpayer overpayments6%7%7%7%
The interest rate used to calculate taxable benefits for employees and shareholders from interest‑free and low-interest loans4%5%5%5%
The interest rate for corporate taxpayers’ pertinent loans or indebtedness8%8.4%8.44%8.99%
Visit CRA for more information

OAS Income Threshold and Clawback

Income YearIncome ThresholdMax Threshold (Age 65-74)Max Threshold (Age 75+)
2023>$86,912$142,124
(estimated)
$147,645
(estimated)
2022>$81,761$134,626$137,331
2021>$79,845$129,757$129,757
Visit CRA for more information

Savings and Pension Limits

Tax YearMoney Purchase LimitDefined Benefit LimitDeferred Profit-Sharing PlanYearly Max Pensionable Earnings
2023$31,560$3,506.67$15,780$66,600
2022$30,780$3,420.00$15,390$64,900
2021$29,210$3,245.56$14,605$61,600
Visit CRA for more information

Interest Rates 2023

DatePolicy Interest Rate (%)Change from Previous Rate (%)
December 7, 20224.25+0.50
January 254.50+0.25
March 84.50---
April 124.50---
June 74.75+0.25
July 125.00+0.25
September 65.00---
October 25
December 6
Visit the Bank of Canada for more information