Ontario

Tax Brackets 2023

This document is up to date as of August 31, 2023 and reflects the status of legislation, including proposed amendments at this date.

For rates in 2024, consult this pdf.

FEDERAL – 2023
$53,359 or less 15%
$53,360 – $106,717 $8,004 + 20.5% on next $53,358
$106,718 – $165,430 $18,942 + 26% on next $58,713
$165,431 – $235,675 $34,208 + 29% on next $70,245
$235,676 and over $54,579 + 33% on excess
  • 15% rate used for AMT.1
  • Indexation rate of 6.3% for 2023.
ONTARIO – 2023
$49,231 or less 5.05%
$49,232 – $98,463 $2,486 + 9.15% on next $49,232
$98,464 – $150,0002 $6,991 + 11.16% on next $51,537
$150,001 – $220,0001 $12,742 + 12.16% on next $70,000
$220,001 and over $21,254 + 13.16% on excess
  • AMT of 33.67% of federal AMT.
  • 20% surtax on tax over $5,315 and additional surtax of 36% on tax over
    $6,802.
  • Indexation rate of 6.5% in 2023.
TAX CREDIT FOR DIVIDENDS FROM CANADIAN CORPORATIONS – 20233
Eligible Dividends4 Ordinary Dividends5
Federal 15.02% 9.03%
Ontario 10.00% 2.9863%

1 20.5% as of 2024. The income on which the AMT applies (AMT base) will be revised as of this date.  
2 The $150,000 and $220,000 brackets are not indexed annually.
3 Rates applicable to grossed-up dividends.
4 38% gross-up.
4 15% gross-up.
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