Written byMichelle Legge | Koinly

Canadian Tax Brackets 2023

Written byMichelle Legge | Koinly

Last updated: Wednesday, 26 October 2022

Need to know the CRA tax brackets for 2023 ahead of the April 30 tax deadline? We got you. Read our Canadian tax rates 2023 guide which covers everything you need to know about Federal & Provincial Income Tax Rates in Canada - from Vancouver to Toronto! ✈️

Canada Crypto Tax Rates 2023

When it comes to Income Tax, there's two Canadian tax brackets you need to know about - your federal tax rate and your provincial tax rate. The federal tax rate is a marginal personal tax rate all Canadian taxpayers pay, while you'll also need to pay your provincial tax rate, which varies depending on where you live.

Canada Capital Gains Tax Rate

Wondering what tax rate you'll pay on investments like crypto, stocks and other property? Well, unlike many countries - Canada doesn't have a dedicated Capital Gains Tax rate. Instead the CRA use your personal Income Tax rates for capital gains instead.

However, the amount of tax you pay all depends on how your investments are viewed by the CRA, and whether the CRA deem you to have capital gains or business income.

If your investment profits are viewed as capital gains, you'll only pay your Federal & Provincial Income Tax rate on half of any gains.

If it’s seen as business income, you’ll be taxed on 100% of your profits at the same Federal and Provincial Tax Rate you are on other income.

Canada Income Tax Allowance

All Canadian taxpayers get a personal tax allowance, also known as the basic personal amount (BPA). This is a non-refundable tax credit of $14,398 for 2022. This will rise to $15,000 in 2023.

Anyone who is employed and is liable to pay both Federal and Provincial Tax can claim the BPA and pay no tax on $14,398 of their earnings.

Now you know how you'll be taxed - let's take a look at how much you'll pay.

Want to learn more about how crypto and other investments are taxed in Canada? Read our Ultimate Canada Crypto Tax Guide.

Canada Federal Tax Rates 2022

The CRA tax brackets (also known as tax slabs) for federal taxes in 2022 are:

Tax Rate	Income (2021)	Income (2022)
15%	On your first $49,020 of taxable income	On your first $50,197 of taxable income
20.5%	$49,021 - $98,040	$50,197 - $100,392
26%	$98,041 - $151,978	$100,392 - $155,625
29%	$151,979 - $216,511	$155,625 - $221,708
33%	$216,512+	$221,708+

Canada Provincial Tax Brackets 2022

The Provincial Income Tax Rates follow the same structure as the Federal Tax Rate. Canada uses a gradual income tax system, so you won’t pay the same rate on all your taxable income. Instead, you’ll pay a different percentage on each ‘chunk’ of your earnings, as you move up the personal tax rate bands. We're covering the tax rates for each province - from coast to coast - so scroll down or use the menu to skip ahead to find yours.

Ontario Tax Brackets 2022

Starting with the most populated province in Canada - find your Ontario tax rates below:

Tax Rate	Income (2021)	Income (2022)
5.05%	On the first $45,142 of taxable income	On the first $46,226 of taxable income
9.15%	$45,142 - $90,287	$46,226 - $92,454
11.16%	$90,287 - $150,000	$92,454 - $150,000
12.16%	$150,000 - $220,000	$150,000 - $220,000
13.16%	$220,000+	$220,000+

For crypto investors...

If you're a crypto investor in Ontario, Canada, there's a couple of other things you may want to know for your taxes. Ontario-based users are now subject to an annual “net buy limit” of CAD $30,000 on all crypto coins. However, this excludes 4 tokens:

Bitcoin (BTC)
Bitcoin Cash (BCH)
Ether (ETH)
Litecoin (LTC)

While retail Investors are subject to the CAD $30,000 buy limit, “Eligible Investors” have an increased limit of CAD $100,000 and no purchase limit exists for Accredited Investors.

Quebec tax brackets 2022

Tax Rate	Income (2021)	Income (2022)
15%	On the first $45,105 of taxable income	On the first $46,295 of taxable income
20%	$45,105 - $90,200	$46,295 - $92,580
24%	$90,200 - $109,755	$92,580 - $112,655
25.75%	$109,755+	$112,655+

British Columbia BC Tax Brackets 2022

Looking for Vancouver tax rates? Find them below:

Tax Rate	Income (2021)	Income (2022)
5.06%	On the first $42,184 of taxable income	On the first $43,070 of taxable income
7.7%	$42,184 - $84,369	$43,070 - $86,141
10.5%	$84,369 - $96,866	$86,141 - $98,901
12.29%	$96,866 - $117,623	$98,901 - $120,094
14.7%	$117,623 - $159,483	$120,094 - $162,832
16.8%	$159,483 - $222,420	$162,832 - $227,091
20.5%	$222,420+	$227,091+

Alberta Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
10%	On the first $131,220 of taxable income	On the first $131,220 of taxable income
12%	$131,220 - $157,464	$131,220 - $157,464
13%	$157,464 -$209,952	$157,464 -$209,952
14%	$209,952 - $314,928	$209,952 - $314,928
15%	$314,928+	$314,928+

Newfoundland & Labrador Tax Brackets 2022

Tax Rate (2021)	Income (2021)	Tax Rate (2022)	Income (2022)
8.7%	On the first $38,080 of taxable income	8.7%	On the first $39,147 of taxable income
14.5%	$38,081 - $76,161	14.5%	$39,147 - $78,294
15.8%	$76,161 -$135,973	15.8%	$78,294 - $139,780
17.3%	$135,973 -$190,363	17.8%	$139,780 - $195,693
18.3%	$190,363+	19.8%	$195,693 - $250,000
-	-	20.8%	$250,000 - $500,000
-	-	21.3%	$500,000 - $1,000,000
-	-	21.8%	$1,000,000+

Prince Edward Island Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
9.8%	On the first $31,984 of taxable income	On the first $31,984 of taxable income
13.8%	$31,984 - $63,969	$31,984 - $63,969
16.7%	$63,969+	$63,969+

Nova Scotia Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
8.79%	On the first $29,590 of taxable income	On the first $29,590 of taxable income
14.95%	$29,590 - $59,180	$29,590 - $59,180
16.67%	$59,180 - $93,000	$59,180 - $93,000
17.5%	$93,000 - $150,000	$93,000 - $150,000
21%	$150,000+	$150,000+

New Brunswick Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
9.68%	On the first $43,835 of taxable income	On the first $44,887 of taxable income
14.82%	$43,835 - $87,671	$44,887 - $89,775
16.52%	$87,671 - $142,534	$89,775 - $145,955
17.84%	$142,534 - $162,383	$145,955 - $166,280
20.3%	$162,383+	$166,280+

Manitoba Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
10.8%	On the first $33,723 of taxable income	On the first $34,431 of taxable income
12.75%	$33,723 - $72,885	$34,431 - $74,416
17.4%	$72,885+	$74,416+

Saskatchewan Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
10.5%	On the first $45,677 of taxable income	On the first $46,773 of taxable income
12.5%	$45,677 - $130,506	$46,773 - $133,638
14.5%	$130,506+	$133,638+

Yukon Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
6.4%	On the first $49,020 of taxable income	On the first $50,197 of taxable income
9%	$49,020 - $98,040	$50,197 - $100,392
10.9%	$98,040 - $151,978	$100,392 - $155,625
12.8%	$151,978 - $216,511	$155,625 - $221,708
12.96%	$216,511 - $500,000	$221,708 - $500,000
15%	$500,000+	$500,000+

Northwest Territories Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
5.9%	On the first $43,396 of taxable income	On the first $45,462 of taxable income
8.6%	$44,396 - $88,796	$45,462 - $90,927
12.2%	$88,796 - $144,362	$90,927 - $147,826
14.05%	$144,362+	$147,826+

Nunavut Tax Brackets 2022

Tax Rate	Income (2021)	Income (2022)
4%	On the first $46,740 of taxable income	On the first $47,862 of taxable income
7%	$46,740 - $93,480	$47,862 - $95,724
9%	$93,480 - $151,978	$95,724 - $155,625
11.5%	$151,978+	$155,625+

When to file taxes in Canada

The tax deadline in Canada is the 30th of April 2023. You'll need to report your gains and income from crypto from the 2022 financial year by this date. As this falls on a weekend, the deadline will be extended to the next working day - so the 1st of May 2023.

If you're self-employed you have until the 15th of June 2023, but it's important to note that the payment deadline is still the 30 April.

Canada Tax Deadlines 2022/23

The tax year in Canada runs from the 1st of January 2022 to the 31st of December 2022. There are some important dates you need to know about:

1st January 2022: 2022 tax year starts.
30th April 2022: Deadline for tax returns for the previous year (2021).
15th June 2022: For self-employed taxpayers, this is your deadline to submit 2021 tax returns. However, the balance due must still be paid by the 30th of April 2022.
31st December 2022: 2022 tax year ends.
1st January 2023: 2023 tax year starts.
30th April 2023: Deadline for 2022 tax returns.
15th June 2023: For self-employed taxpayers, this is your deadline to submit 2022 tax returns. However, the balance due must still be paid by the 30th of April 2023.
31st December 2023: 2023 tax year ends.

How to file Canadian crypto taxes with Koinly

Got crypto investments and need help calculating and filing your CRA taxes? Koinly can help!

Koinly calculates your crypto taxes for you and puts it into easy-to-read tax reports, so all you need to do is submit your taxes to the Canada Revenue Agency.

For crypto capital gains, you need to report these using a Schedule 3 Form.

For crypto income, these should be included in your Income Tax Return T1.

You can file both of these online using CRA's My Account.

You can find more dedicated crypto tax advice in our Canada Crypto Tax Guide.