As someone living in Canada, you should prepare for new Canadian laws that could make a big difference to your wallet in 2023. So, here’s a quick look at a few of the biggest law changes.
Tax increases on payroll
As of 2022, the Canadian Federation of Independent Business estimates that every Canadian worker will lose $300 of their income. It means employers will struggle to meet their existing payroll budget because of the increase in both CPP and EI.
Price increase for carbon
According to the Canadian Taxpayers Federation, the carbon price will increase to $65 per tonne equals 14.31 cents per liter. Furthermore, Newfoundland, Labrador, P.E.I, and Nova Scotia will experience a carbon price increase for the first time in 2023.
Ban on non-Canadians owing property
In June 2021, the federal government decided to prevent non-Canadians from purchasing property in Canada. Now in January 2023, the main purpose of the ban is to control the cost of properties and manage the home shortage in Canada.
Contribution limit increase for TFSAs
If you plan to save money, this year can be a good year for you in Canada. In 2023, the annual contributions limit will increase, and you will be able to put in a maximum of $6,500, up from $6,000 in 2022.