Keeping Up with Tax Changes

As a business owner, you often juggle multiple things at once.

And unless you have a penchant for reading tax materials at night (don’t judge), you might find it difficult to keep up with all of the tax changes for 2023.

Too complex (and tedious) to go into now, here is a snapshot of some changes taking place for 2023:

Tax brackets have changed due to inflation, and the new rate is 6.3%

The basic personal amount has increased to $15,000

Employees and employers max. CPP contribution is $3745.45. For those self-employed, their max. Is $7508.90

EI Premiums have gone up, with the max. contribution rate for employees at $1002.45, and employers at $1403.43

The new RRSP limit is $30,780, and the TFSA limit is $6,500

For more information on the 2023 tax changes, check out my new LinkedIn Newsletter, ‘Deciphering your business - The Black belt of Accounting’-https://www.linkedin.com/pulse/heres-quick-way-prep-tax-season-understand-changes-mario/