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New federal tax brackets
As inflation has remained high over the past year, the federal government has adjusted the tax brackets again for the 2023 tax year. Each of the brackets has seen an increase from the 2022 thresholds so taxpayers will be paying a lower amount on more of their annual income.
In 2023:
- Up to $53,359 of income will be taxed at 15%.
- Income between $53,359-$106,716 will be taxed at 20.5%.
- Income between $106,717 and $165,430 will be taxed at 26%.
- Income between $165,430 and $235,675 will be taxed at 29%.
- Any income above $235,675 will be taxed at 33%.
Note that these are the federal tax brackets for 2023. There are also provincial tax brackets to be aware of – below chart is the combined taxes for BC and Federal
Combined Federal & BC Tax Brackets and Tax Rates |
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| 2024 Taxable Income (1) | BC 2024 Marginal Tax Rates | 2023 Taxable Income (1) | BC 2023 Marginal Tax Rates | ||||||
| Other Income |
Capital Gains |
Canadian Dividends | Other Income |
Capital Gains |
Canadian Dividends | ||||
| Eligible | Non-Eligible | Eligible | Non-Eligible | ||||||
| first $47,937 | 20.06% | 10.03% | -9.60% | 10.43% | first $45,654 | 20.06% | 10.03% | -9.60% | 10.43% |
| over $47,937 up to $55,867 | 22.70% | 11.35% | -5.96% | 13.47% | over $45,654 up to $53,359 | 22.70% | 11.35% | -5.96% | 13.47% |
| over $55,867 up to $95,875 | 28.20% | 14.10% | 1.63% | 19.80% | over $53,359 up to $91,310 | 28.20% | 14.10% | 1.63% | 19.80% |
| over $95,875 up to $110,076 | 31.00% | 15.50% | 5.49% | 23.02% | over $91,310 up to $104,835 | 31.00% | 15.50% | 5.49% | 23.02% |
| over $110,076 up to $111,733 | 32.79% | 16.40% | 7.96% | 25.07% | over $104,835 up to $106,717 | 32.79% | 16.40% | 7.96% | 25.07% |
| over $111,733 up to $133,664 | 38.29% | 19.15% | 15.55% | 31.40% | over $106,717 up to $127,299 | 38.29% | 19.15% | 15.55% | 31.40% |
| over $133,664 up to $173,205 | 40.70% | 20.35% | 18.88% | 34.17% | over $127,299 up to $165,430 | 40.70% | 20.35% | 18.88% | 34.17% |
| over $173,205 up to $181,232 | 44.02% | 22.01% | 23.46% | 37.99% | over $165,430 up to $172,602 | 44.02% | 22.01% | 23.46% | 37.99% |
| over $181,232 up to $246,752 | 46.12% | 23.06% | 26.36% | 40.41% | over $172,602 up to $235,675 | 46.12% | 23.06% | 26.36% | 40.41% |
| over $246,752 up to $252,752 | 49.80% | 24.90% | 31.44% | 44.64% | over $235,675 up to $240,716 | 49.80% | 24.90% | 31.44% | 44.64% |
| over $252,752 | 53.50% | 26.75% | 36.54% | 48.89% | over $240,716 | 53.50% | 26.75% | 36.54% | 48.89% |
| Marginal tax rate for dividends is a % of actual dividends received (not grossed-up taxable amount). Marginal tax rate for capital gains is a % of total capital gains (not taxable capital gains). Gross-up rate for eligible dividends is 38%, and for non-eligible dividends is 15%. For more information see BC dividend tax credits. |
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