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.