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Top Personal Marginal Tax Rates



(1) The federal top marginal tax rate applies on taxable income over $235,675 for 2023. Where the provincial or territorial threshold is higher than federal, the amount is indicated below.

(2) Saskatchewan — The dividend tax credit rate on the taxable amount of ineligible dividends increased from 1.70% to 2.11% for 2023.

(3) New Brunswick — Beginning January 1, 2023, the tax rate on the highest tax bracket was reduced from 20.3% to 19.5%.

Jurisdiction (1)Tax on Income Top Rate (%)Tax-On-Tax Top Rate (%)Provincial Surtax (%)2023 Combined Top Marginal Rates
Regular Income (%)Eligible Dividends (%)Ineligible Dividends (%)Capital Gains (%)
British Columbia > $241K20.50------53.5036.5448.8926.75
Alberta > $342K15.00------48.0034.3142.3024.00
Saskatchewan (2)14.50------47.5029.6441.8223.75
New Brunswick (3)19.50------52.5032.4046.8326.25
Nova Scotia21.00------54.0041.5848.2727.00
Prince Edward Island16.70---10.0051.3734.2247.0425.69
Newfoundland & Labrador > 1.06M21.80------54.8046.2048.9627.40
Yukon > $500K15.00------48.0028.9244.0524.00
Northwest Territories14.05------47.0528.3336.8223.53

The information in this publication is current as of March 28, 2023

This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.

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