Download a PDF of our Tax Facts for Ontario Residents.
| MARGINAL TAX RATE | |||
| 2023 Taxable Income | Salary | Public Company Dividends(1)(2) 38% Gross up |
Private Company Dividends(2) 15% Gross up |
| $1 – $14,999 | 0.00% | 0.00% | 0.00% |
| $15,000 – $49,231 | 20.05% | 0.00% | 9.24% |
| $49,232 – $53,359 | 24.15% | 0.00% | 13.95% |
| $53,360 – $86,698 | 29.65% | 6.39% | 20.28% |
| $86,699 – $98,463 | 31.48% | 8.92% | 22.38% |
| $98,464 – $102,135 | 33.89% | 12.24% | 25.16% |
| $102,136 – $106,717 | 37.91% | 17.79% | 29.78% |
| $106,718 – $150,000 | 43.41% | 25.38% | 36.10% |
| $150,001 – $165,430 | 44.97% | 27.53% | 37.90% |
| $165,431 – $220,000 | 48.29% | 32.11% | 41.72% |
| $220,001 – $235,675 | 49.85% | 34.26% | 43.51% |
| Greater than $235,675 | 53.53% | 39.34% | 47.74% |
(1) Includes dividends from CCPCs from income in excess of $500,000 business limit
(2) Marginal rates are based on cash dividends received, not grossed-up taxable amount
| CCPC Active Income | 2023 | 2022 |
| <$500,000 | 12.20% | 12.20% |
| >$500,001 | 26.50% | 26.50% |
| CCPC Investment Income | ||
| Interest(3) | 50.17% | 50.17% |
| Refundable Tax | 30.67% | 30.67% |
| Capital Gains | 25.08% | 25.08% |
| Refundable Tax | 15.34% | 15.34% |
(3) A portion of these taxes are refundable on payment of taxable dividends at different rates, depending on certain facts. Speak to your GGFL advisor for more details.
| 2023 | 2022 | |
| OAS Benefit | $8,226 | $7,930 |
| 15% Clawback for income greater than; | $86,912 | $81,761 |
| No OAS benefit for income greater than; | $141,752 | $134,626 |
| Lifetime Contribution | Annual Limit | |||
| $88,000 | 2023 – $6,500 | 2022 – $6,000 | ||
| 2023 | 2022 | |
| RRSP Deduction Limit | $30,780 | $29,210 |
| Income Required to Maximize RRSP | $171,000 | $162,278 |
| Deadline: 60-days after year end | Mar 1 | Mar 1 |
| 2023 | 2022 | |
| CPP Limit | $3,754.45 | $3,499.80 |
| Maximum Pensionable Earnings | $66,600 | $64,900 |
| 2023 | 2022 | |
| Employee | $1,002.45 | $852.74 |
| Employer | $1,403.43 | $1,333.84 |
| Maximum Insurable Earnings | $61,500 | $60,300 |
| 2023 | 2022 | |
| Payroll <$5 Million | $1,000,000 | $1,000,000 |
| 2023 | 2022 | |
| Q1 | TBD | 1% |
| Q2 | TBD | 1% |
| Q3 | TBD | 1% |
| Q4 | TBD | 1% |
(4) These rates are for shareholder loans; for refunds add 2%
for overdue balances add 4%
| 2023 | 2022 | |
| Lifetime Exemption | $971,190 | $913,630 |
| 2023 | 2022 | |
| Lifetime Exemption | $1,000,000 | $1,000,000 |
| Claim Description | 2023 | 2022 |
Tax-exempt car reimbursements:
|
$0.61/km $0.55/km |
$0.61/km
$0.55/km |
| CCA threshold – Class 10.1 | $34,000 | $34,000 |
| CCA threshold – Class 54 zero-emission | $39,000 | $39,000 |
| Interest expense limit | $300/month | $300/month |
| Leasing limit per month | $900+txs | $900+txs |
| Operating cost benefit (standby charge) | $0.29/km | $0.29/km |
| Due Date(6)(7) | |
| Corporate Tax Returns (T2) | 6 months after year end |
Corporate final tax payment for the current fiscal year:
|
3 months after year end |
Corporate Instalment Due Dates
|
2 months after year end |
| T4 Return-Summary of Renumeration Paid | Last day in February |
| T5 Return-Return of Investment Income (interest+dividends) | Last day in February |
| Trust Returns (T3) | 90 days after year end |
Personal Tax Returns (T1)
|
April 30
June 15 April 30 |
| Instalment Due Dates: Personal Tax and Trust & Estates | Q1(March 15); (June 15);
Q3 (September 15); Q4(December 15) |
| HST Return – Annual Filer 3 months after year end
HST Return – Quarterly Filer |
3 months after year end
1 month after end of quarter |
| HST Instalments Due Dates: Annual Filer December year end | Q1 (April 30) ; Q2 (July 31) ; Q3 (October 31);
Q4 (January 31 of the following year) |
| EHT Instalments (Payroll > $1.2M, tax years beginning after Dec. 31, 2020) | Monthly |
| EHT Return | March 15 of the following year |
(6) If a Due Date falls on a Saturday, Sunday or public holiday, the due date will be the next business day.
(7) Due Dates have not been updated to reflect changes due to Covid-19. Please go to canada.ca/en/services/taxes.html for more information.
The information provided in this publication is intended for general purposes only. Care has been taken care to ensure the information herein is accurate; however, no representation is made as to the accuracy thereof. The information should not be relied upon to replace specific professional advice.
