In 20X0 Jonathan, who is single, earned employment income of $10,000, capital gains of $100,000, and Canadian

Question:

In 20X0 Jonathan, who is single, earned employment income of $10,000, capital gains of $100,000, and Canadian non-eligible dividends of $20,000. He is exempt from CPP and EI. In addition, Jonathan is a limited partner in a Canadian Limited from which he was allocated a business loss of $34,000.
Does Jonathan have to pay any alternative minimum federal tax in the year and if so, how much? Also, briefly explain how any federal minimum tax in excess of the normal federal tax will be dealt with in future years. Income tax reference: ITA 127.5 to 127.55. Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...