Cooler inflation in 2023 is affecting how much Canadians will pay in income tax this year.

Cooler inflation in 2023 is affecting how much Canadians will pay in income tax this year.

  • blindsight@beehaw.org
    16·
    11 months ago

    That sucks, but to be fair that’s not really the situation. The basic personal amount is deducted from your income, so you pay near-zero tax.

    You should be paying negative tax (i.e. getting a universal basic income), but you’re not really paying any tax now.

    Edit: the basic personal amount is increasing to 15.7K, so you’ll be taxed at 10% of $300 if you don’t have any other deductions at all, to the total tune of $30-ish.