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Last updated: March 01 2023
BC and Alberta Budgets: February 28, 2023
Both BC and Alberta tabled their provincial budgets on February 28, while NWT and Nunuvut have already released theirs, February 8 and 23 respectively. Key insights these documents provide regarding important tax changes for the 2023 appear below, together with the schedule of other provincial and territorial budget releases.
February 8 – NWT. There were no changes to personal or corporate income tax rates, or the small business limit. Notable is the date of April 1, 2023 when the legislature will debate raising carbon taxes. If it does not, it will join the federal backstop system and the related Climate Action Incentive.
February 23 – Nunavut. There were no changes to personal or corporate income tax rates, or the small business limit. However a new refundable tax credit was introduced: the Nunavut Carbon Credit which will pay tax free amounts to residents every three months starting July 2023.
February 28 – Alberta. Watch for more news on the new Alberta donation tax credit which is to rise to 60% on the first $200 given (previously 10%) and 21% over this. Note the top tax rate in Alberta is 15%.
February 28 – British Columbia. Effective July 1, 2023, BC Family Benefit amounts are permanently increased based on the number of children under age 18 in a family with the maximum annual benefit increased to $1,750 for a family’s first child, $1,100 for a second child, and $900 for each subsequent child. Effective July 1, 2023, the maximum annual climate action tax credit is increased from $193.50 to $447 for an adult, from $193.50 to $223.50 for a spouse or common-law partner, and from $56.50 to $111.50 per child. The farmers’ food donation tax credit is extended for three years to the end of 2026 and the interactive digital media tax credit is extended for five years to August 31, 2028.
Provincial Budget Release Dates:
Personal Tax Rates 2023
|
Province |
2023 Tax Brackets |
2023 Rate |
2023 Surtax |
|
British Columbia |
$0 to $45,654 $45,655 to $91,310 $91,311 to $104,835 $104,836 to $127,299 $127,300 to $172,602 $172,603 to $240,714 Over $240,714 |
5.06% 7.70% 10.5% 12.29% 14.7% 16.8% 20.5% |
|
|
Alberta |
$0 to $142,242 $142,243 to $170,751 $170,752 to $227,668 $227,669 to $341,502 Over $341,502 |
10% 12% 13% 14% 15% |
|
|
Saskatchewan |
Up to $49,720 $49,721 to $142,058 Over $142,058 |
10.5% 12.5% 14.5% |
|
|
Manitoba |
$0 to $36,842 $36,843 to $79,625 Over $79,625 |
10.8% 12.75% 17.4% |
|
|
Ontario |
$0 to $49,231 $49,232 to $98,463 $98,464 to $150,000 $150,001 to $220,000 Over $220,000 |
5.05% 9.15% 11.16% 12.16% 13.16% |
20% > $5,315 36% > $6,802 |
|
Quebec |
$0 to $49,275 $49,276 to $98,540 $98,541 to $119,910 Over $119,910 |
15% 20% 24% 25.75% |
|
|
New Brunswick |
$0 to $47,715 $47,716 to $95,431 $95,432 to $176,756 Over $176,756 |
9.40% 14.00% 16.00% 19.50% |
|
|
Nova Scotia |
$0 to $29,590 $29,591 to $59,180 $59,181 to $93,000 $93,001 to $150,000 Over $150,000 |
8.79% 14.95% 16.67% 17.50% 21.00% |
|
|
Prince Edward Island |
$0 to $31,984 $31,985 to $63,969 Over $63,969 |
9.8% 13.8% 16.7% |
10% > $12,500 |
|
Newfoundland and Labrador |
$0 to $41,457 $41,458 to $82,913 $82,914 to $148,027 $148,028 to $207,239 $207,240 to $264,750 $264,751 to $529,500 $529,501 to $1,059,000 Over $1,059,000 |
8.7% 14.5% 15.8% 17.8% 19.8% 20.8% 21.3% 21.8% |
|
|
Yukon |
$0 to $53,359 $53,360 to $106,717 $106,718 to $165,430 $165,431 to $500,000 Over 500,000 |
6.4% 9.0% 10.9% 12.8% 15.0% |
|
|
Northwest Territories |
$0 to $48,326 $48,327 to $96,655 $96,656 to $157,139 Over $157,139 |
5.9% 8.6% 12.2% 15.0% |
|
|
Nunavut |
$0 to $50,877 $50,878 to $101,754 $101,755 to $165,429 Over $165,429 |
4.0% 7.0% 9.0% 11.5% |
Marginal Tax Rates for 2023 (as of November 21, 2022)
|
|
Taxable Income Range |
Ordinary Income |
Capital Gains |
Small Bus. Corp. Div. |
Eligible Div. |
|
BC |
Up to $11,981 $11,982 to $15,000 $15,001 to $44,654 $45,655 to $53,359 $53,360 to $91,310 $91,311 to $104,835 $104,836 to $106,717 $106,718 to $127,299 $127,300 to $165,430 $165,431 to $172,602 $172,603 to $235,675 $235,676 to $240,716 Over $240,716 |
0%8/95 5.06% 20.06% 22.70% 28.20% 31.00% 32.79% 38.29% 40.70% 44.02% 46.12% 49.80% 53.50% |
0% 2.53% 10.03% 11.35% 14.10% 15.50% 16.40% 19.15% 20.35% 22.01% 23.06% 24.90% 26.75% |
0% 3.56% 10.43% 13.47% 19.79% 23.01% 25.07% 31.39% 34.17% 37.98% 40.39% 44.63% 48.89% |
0% -9.58% -9.60% -5.96% 1.63% 5.49% 7.96% 15.55% 18.88% 23.45% 26.35% 31.44% 36.54% |
|
AB* |
Up to $15,000 $15,001 to $21,003 $21,004 to $53,359 $53,360 to $106,717 $106,718 to $142,292 $142,293 to $165,430 $165,431 to $170,751 $170,752 to $227,668 $227,669 to $235,675 $235,676 to $341,502 Over $341,502 |
0% 15.00% 25.00% 30.50% 36.00% 38.00% 41.32% 42.32% 43.32% 47.00% 48.00% |
0% 7.50% 12.50% 15.25% 18.00% 19.00% 20.66% 21.16% 21.66% 23.50% 24.00% |
0% 6.87% 15.86% 22.18% 28.51% 30.81% 34.62% 35.77% 36.92% 41.16% 42.31% |
0% -0.03% 2.57% 10.16% 17.75% 20.51% 25.08% 26.46% 27.84% 32.93% 34.31% |
|
SK |
Up to $15,000 $15,001 to $17,661 $17,662 to $49,720 $49,721 to $53,359 $53,360 to $106,717 $106,718 to $142,058 $142,059 to $165,430 $165,431 to $235,675 Over $235,675 |
0% 15.00% 25.50% 27.50% 33.00% 38.50% 40.50% 43.82% 47.50% |
0% 7.50% 12.75% 13.75% 16.50% 19.25% 20.25% 21.91% 23.75% |
0% 6.87% 16.52% 18.82% 25.14% 31.47% 33.77% 37.58% 41.82% |
0% -0.03% -0.72% 2.04% 9.63% 17.22% 19.98% 24.56% 29.64% |
|
MB |
Up to $10,855 $10,856 to $15,000 $15,001 to $36,842 $36,843 to $53,359 $53,360 to $79,625 $79,626 to $106,717 $106,718 to $165,430 $165,431 to $235,675 Over $235,675 |
0% 10.80% 25.80% 27.75% 33.25% 37.90% 43.40% 46.72% 50.40% |
0% 5.40% 12.90% 13.88% 16.63% 18.95% 21.70% 23.36% 25.20% |
0% 11.52% 18.38% 20.63% 26.95% 32.30% 38.62% 42.44% 46.67% |
0% 3.86% 3.84% 6.53% 14.12% 20.53% 28.12% 32.70% 37.78% |
|
ON |
Up to $15,000 $15,001 to $49,231 $49,232 to $53,359 $53,360 to $81,411 $81,412 to $98,463 $98,464 to $102,135 $102,136 to $106,717 $106,718 to $150,000 $150,001 to $165,430 $165,431 to $220,000 $220,001 to $235,675 Over $235,675 |
0% 20.05% 24.15% 29.65% 31.48% 33.89% 37.91% 43.41% 44.97% 48.29% 49.85% 53.53% |
0% 10.03% 12.08% 14.83% 15.74% 16.95% 18.95% 21.70% 22.48% 24.14% 24.92% 26.76% |
0% 9.24% 13.95% 20.28% 22.38% 25.16% 29.78% 36.10% 37.90% 41.71% 43.50% 47.74% |
0% -6.86% -1.20% 6.39% 8.92% 12.24% 17.79% 25.38% 27.53% 32.11% 34.26% 39.34% |
Corporate Tax Rates - Canada
Current Corporate Tax Rates in Alberta:
Other provincial budgets to watch for:
March 7 - Manitoba
Evelyn Jacks is Founder and President of Knowledge Bureau, holds the RWM™, MFA ™, MFA-P™ and DFA-Tax Services Specialist designations and is the best-selling author of 55 books on tax filing, planning and family wealth management. Follow her on twitter @evelynjacks.
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