✉news BusinessPersonal Finance first seen 2 d ago, last 2 d ago, peak #25
One-time capital gains can trigger Canada's alternative minimum tax
Original: A one-time capital gain can trigger alternative minimum tax even for average Canadians
A one-time capital gain, such as from selling a cottage or business, can push even average Canadians into paying the federal alternative minimum tax, which limits deductions and credits and sets a minimum tax floor. Tax specialists are warning households not to assume a single windfall is tax-free, as recent AMT rule changes make it easier to get caught.
Why now: Recent changes to Canada's AMT rules have made ordinary taxpayers newly vulnerable when realizing large one-time gains.
CanadaCanada Revenue AgencyFinancial Post
Evidence
- A one-time capital gain can trigger alternative minimum tax even for average Canadians · financialpost.com
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