Tag: Alternative Minimum Tax

FEATURE
Preparing for New Tax Challenges in 2025 (Ep.22)

Preparing for New Tax Challenges in 2025 (Ep.22)

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This episode aims to break down key considerations for filing trust returns, focusing on the current legislative uncertainty within the Canadian government. 

Frankie and Sarah revisit the capital gains inclusion rate changes and the political debate surrounding them, with both Conservative leader Pierre Poilievre and Liberal contender Chrystia Freeland vowing to scrap the proposed tax legislation if elected. 

They also discuss the shifts to Bear Trust filings, which have caused confusion due to unclear definitions and changing CRA requirements, and the Alternative Minimum Tax (AMT) and its growing impact on trusts. With recent legislative changes, AMT may apply more broadly, challenging traditional tax planning strategies. As tax rules continue to evolve, they stress the importance of staying informed.

Gain insight with these key points: 

  • Controversy surrounding the capital gains inclusion rate and its potential impact [09:00]
  • Bear trust filing requirements and CRA’s latest decisions [12:16]
  • Implications of the alternative minimum tax for trusts [17:55]
  • CRA’s technical interpretation of professional fee payments by trusts [27:55]

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FEATURE
Leaving a Legacy Through Charitable Giving Part 2 (Ep. 10)

Leaving a Legacy Through Charitable Giving Part 2 (Ep. 10)

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Last time on From The Source with Frankie and Sarah, they spoke about estate planning focusing on charitable giving through your Will, featuring Frank Cerisano.

Today, Frankie and Sarah discuss the tax implications of charitable gifts,  particularly the difference between doing it through your will versus during your lifetime. They cover the importance of donating to registered charities for the purpose of obtaining a tax receipt, the value of the donation that can be claimed, and the need for proper documentation. They also explore the different ways individuals and corporations can donate, including the tax benefits of donating publicly traded securities directly to charities. Sarah and Frankie emphasize that recent proposed changes to the alternative minimum tax (AMT) may impact decisions on whether to donate personally or through a corporation.

Frankie and Sarah discuss: 

  • Potential tax benefits of charitable giving
  • Why charitable receipts from qualified donees are necessary
  • The different ways you can donate
  • Considerations for donating to non-Canadian charities
  • A refresher of the proposed alternative minimum tax (AMT) changes
  • Whether you should donate personally or through a corporation
  • The differences between gifting during your lifetime versus through your estate

Resources:

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