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submitted 8 months ago by [email protected] to c/[email protected]

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

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[-] [email protected] 16 points 8 months ago* (last edited 8 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.

this post was submitted on 17 Jan 2024
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