2023 Tax facts

2023 Federal tax brackets

⚠️There are no changes to the tax rates for 2023. However,The taxable income thresholds have been increased by the indexation factor of 6.3%. which means adjusting income levels for inflation. This ensures tax brackets keep up with rising living costs. The 6.3% indexation factor benefits individuals, preventing higher taxes solely due to inflation-driven income growth. The adjustment maintains fairness in the tax system and reflects economic changes positively over time.

Federal personal amounts changes