Did you know? The 2023 Federal Budget proposed significant changes to the Alternative Minimum Tax (AMT) system effective January 1, 2024. The proposed changes will primarily impact individuals with large capital gains or those with significant tax deductions through charitable donations.
For example, 30% of capital gains on donations of publicly traded securities, including stocks, mutual funds and EFTs, which under current rules are not subject to any tax, will be added to AMT calculations and will be taxable starting January 1, 2024.
It’s another reason to get your charitable dollars working for you before that deadline!
