In 2022, Jon Patel, who is single, earned rental income of $30,000, capital gains of $100,000, and
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In 2022, Jon Patel, who is single, earned rental income of $30,000, capital gains of $100,000, and Canadian non-eligible dividends of $20,000. He is exempt from CPP and EI. In addition, Jon is a limited partner in a Canadian limited partnership from which he was allocated a business loss of $34,000.
Does Jon have to pay federal alternative minimum tax (AMT) in 2022 and, if so, how much? Also, briefly explain how AMT paid for the current year will affect tax payable in future years.
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Related Book For
Canadian Income Taxation 2022/2023
ISBN: 9781260881202
25th Edition
Authors: William Buckwold, Joan Kitunen, Matthew Roman
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