Fee-Only Financial Planning / Advising in Kitchener Waterloo Cambridge - WD Development


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New 2023 Numbers Part 1

Welcome to 2023!

Here are some of the new numbers to get you started:

RSP:

- if you use the first 60 days for your 2022 contribution- 18% of your earned income to a max of $29,210

- if you're done with 2022 contributions and moving into 2023- 18% of your earned income to a max of $30,780 

 

TFSA:

- new 2023 room- $6,500

- total room if you've never contributed, were 18 or older in 2009 & lived in Canada- $88,000

 

You can find your personal contribution amounts in your myCRA account online (RSP & TFSA) or on your Notice of Assessment (RSP only).  Remember that the amounts you see online can lag your actual contribution amounts- the information from the institution to CRA isn't instanteous.  If you have scehduled monthly contributions, or just made a lump-sum contribution, make sure you subtract that amount before making another contribution.

 

Inflation adjustment for income tax brackets & benefit amounts: 6.3%

 

Basic personal amount- this is the amount that you can earn without paying any federal tax.  New for 2023- $15,000 for those earning less than $165,430 (net), gradual reduction for those between $165,430-$235,675 (net) and $13,521 for those about $235,675

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