Federal individual tax credits for 2023

January 17, 2023by Akmin

Dollar amounts on which individual non-refundable federal tax credits for 2023 are based, and the actual tax credit claimable, will be as follows:

Credit amount                    Tax credit

Basic personal amount*                                            $15,000                          $2,250

Spouse or common-law partner amount                     $15,000                          $2,250

Eligible dependant amount*                                       $15,000                         $2,250

Age amount                                                              $8,396                           $1,259.40

Net income threshold for erosion of age credit             $42,335

Canada employment amount                                      $1,368                          $205.20

Disability amount                                                       $9,428                          $1,414.20

Adoption expenses credit                                            $18,210                        $2,731.50

Medical expense tax credit income threshold amount    $2,635


*For taxpayers having net income for the year of more than $165,430, amounts claimable for the basic personal amount, the spousal amount and the eligible dependant amount for 2023 may differ.

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.