Canada's income tax brackets for 2023, plus the maximum tax you'll pay based on income.

This article provides information on Canada's income tax brackets for 2023 and the maximum tax individuals will pay based on their income. It explains that understanding tax brackets is important for accurately estimating tax obligations, especially for self-employed individuals. The article also discusses how tax brackets work in Canada, with progressive tax rates based on income levels. It provides a table of federal tax brackets for 2023 and explains how to calculate federal taxes owed. Additionally, it mentions that individuals also need to consider provincial and territorial tax brackets when determining their overall tax liability. The article includes tables for provincial tax brackets and provides instructions on how to estimate provincial taxes owed. [Extracted from the article]