Check out our toolkit on source deduction limits.
2022/2023 tax brackets, combined British Columbia and Federal rates:
| 2023 Taxable Income | Tax Rate | 2022 Taxable Income | Tax Rate |
| First $45,654 | 20.06% | First $43,070 | 20.06% |
| over $45,654 up to $53,359 | 22.70% | over $43,070 up to $50,197 | 22.70% |
| over $53,359 up to $91,310 | 28.20% | over $50,197 up to $86,141 | 28.20% |
| over $91,310 up to $104,835 | 31.00% | over $86,141 up to $98,901 | 31.00% |
| over $104,835 up to $106,717 | 32.79% | over $98,901 up to $100,393 | 32.79% |
| over $106,717 up to $127,299 | 38.29% | over $100,393 up to $120,094 | 38.29% |
| over $127,299 up to $165,430 | 40.70% | over $120,094 up to $155,625 | 40.70% |
| over $165,430 up to $172,602 | 44.08% | over $155,625 up to $162,382 | 44.08% |
| over $172,602 up to $235,675 | 46.18% | over $162,382 up to $221,708 | 46.18% |
| over $235,675 up to $240,716 | 49.80% | over $221,708 up to $227,091 | 49.80% |
| over $240,716 | 53.5% | over $227,091 | 53.5% |
| BC Basic Personal Amount | Tax Rate | BC Basic Personal Amount | Tax Rate |
| $11,981 | 5.06% | $11,302 | 5.06% |
| Federal Basic Personal Amount | Tax Rate | Federal Basic Personal Amount | Tax Rate |
| $15,000 | 15% | $14,398 | 15% |
The maximum pensionable CPP earnings level for 2023 has increased by $1,100 to $66,600. Contributors who earn more than the $66,600 ceiling on pensionable earnings in the year 2023 are not required or allowed to contribute more to the CPP.
The basic exemption for 2023 remains at $3,500.
The employee and employer contribution rates for 2023 will be 5.95%—up from 5.70% in 2022, and the self-employed contribution rate will be 11.9%—up from 11.4% in 2022. The increase in contribution rate is due to the continued implementation of the CPP enhancement.
The maximum employer and employee contribution to the plan for 2023 will be $3,754.45 each and the maximum self-employed contribution will be $7,508.90. The maximums in 2022 were $3,499.80 and $6,999.60. (via Canada.ca)
The maximum EI earnings for 2023 have increased from $60,300to $61,500. Contributors who earn more than the $61,500 ceiling on insurable earnings in the year 2023 are not required to contribute more to EI.
Employee contribution rates for the year 2023 will increase to 1.63% per $100. The maximum employee contribution to the plan in 2023 is now $1,002.45, up from $952.74 in 2022.
How much can you contribute?
The historical limits and increases for registered retirement savings plans (RRSPs) and Defined Contribution (also known as Money Purchase) Registered Pension Plans (RPPs) are as follows:
| Year | RRSP | Defined Contribution RPP |
| 2013 | $23,820 | $24,270 |
| 2014 | $24,270 | $24,930 |
| 2015 | $24,930 | $25,370 |
| 2016 | $25,370 | $26,010 |
| 2017 | $26,010 | $26,230 |
| 2018 | $26,230 | $26,500 |
| 2019 | $26,500 | $27,230 |
| 2020 | $27,230 | $27,830 |
| 2021 | $27,830 | $29,210 |
| 2022 | $29,210 | $30,780 |
| 2023 | $30,780 | $31,560 |
| 2024 | $31,560 | TBD |
Home Buyers’ Plan (HBP)
Lifelong Learning Plan (LLP)