Taxes – the only constant is change!

Ottawa Business Journal
January 22, 2024.

Joelle Hall, Portfolio Manager, Wealth Advisor, Investment Advisor at Richardson Wealth, writes about two changes to the Tax Act to look out for:

  • Alternative minimum tax changes: with higher inclusions and lower offsetting tax credits, there is the potential for increased AMT for some high-income donors.
  • Trust reporting updates: filing a T3 Trust Income Tax and Information Return will now apply to previously exempted trusts. The penalties for failing to comply with the rules can be hefty.

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