Resources

RRSP Contributions 2023

(% of Pre-Tax Earned Income)

Tax Year	Maximum $$$
2023	18% up to $30,780
2022	18% up to $29,210
2021	18% 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 Milestone	Due Date
2022 RRSP Contribution Deadline	March 1, 2023
Quarterly Instalments Due by the 15th of	March, June, September, December
2022 Income Tax Filing for Individuals	May 1, 2023
2022 Income Tax Payment Due Date	May 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 Interest	Q1	Q2	Q3	Q4
The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums	8%	9%	9%	9%
The interest rate to be paid on corporate taxpayer overpayments	4%	5%	5%	5%
The interest rate to be paid on non-corporate taxpayer overpayments	6%	7%	7%	7%
The interest rate used to calculate taxable benefits for employees and shareholders from interest‑free and low-interest loans	4%	5%	5%	5%
The interest rate for corporate taxpayers’ pertinent loans or indebtedness	8%	8.4%	8.44%	8.99%
Visit CRA for more information

OAS Income Threshold and Clawback

Income Year	Income Threshold	Max 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 Year	Money Purchase Limit	Defined Benefit Limit	Deferred Profit-Sharing Plan	Yearly 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

Date	Policy Interest Rate (%)	Change from Previous Rate (%)
December 7, 2022	4.25	+0.50
January 25	4.50	+0.25
March 8	4.50	---
April 12	4.50	---
June 7	4.75	+0.25
July 12	5.00	+0.25
September 6	5.00	---
October 25
December 6
Visit the Bank of Canada for more information