The IRS increased 2023 brackets by roughly 7% — the largest adjustment since indexing began. The standard deduction jumps to $13,850 (single). In Canada, the TFSA limit rises to $6,500 and basic personal amount hits $15,000. I've prepared a full comparison for my clients — happy to walk you through it.
I keep a close eye on developments like these so my clients don't have to. Tax law changes can significantly affect your filing strategy, and I believe the earlier you understand them, the better positioned you are to plan effectively.
Whether you file in Canada, the United States, or both, staying current on these changes is essential. In my cross-border practice, I've seen firsthand how policy shifts in one country can create unexpected obligations — or opportunities — in the other.
If you have questions about how this affects your specific situation, please don't hesitate to reach out. I'm here to help you navigate these changes and make the best decisions for your financial future.