Tax Matters: How will Alternative Minimum Tax (AMT) Changes Affect High Income Canadians in 2024? - with Kim GC Moody Artwork

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beyond MD with Dr. Yatin Chadha

Tax Matters: How will Alternative Minimum Tax (AMT) Changes Affect High Income Canadians in 2024? - with Kim GC Moody

February 15, 2024 • Season 1 • Episode 65

Today I welcome Kim GC Moody, one of our country's top tax experts, to discuss AMT (Alternative Minimum Tax) changes for 2024 & beyond and the potential implications for high income earners in Canada.

The podcast has 3 segments:
1) AMT history & mechanics
2) AMT changes
3) AMT Scenarios

Discussion Points:
AMT basics (0:47)
Table of contents (2:07)
Kim Moody's bio (2:41)
Intro (3:58)
AMT intro, history, & mechanics (6:33)
How are tax decisions made in Canada? (12:12)
How has AMT changed in 2024? (15:45)
Are more people leaving Canada due to excess tax? (20:00)
AMT - there is a provincial part, no impact on corporations (24:32)
Impact of AMT on capital gains (25:20)
Impact of AMT on carrying forward capital losses (27:08)
No impact on eligible dividends (27:55)
Impact of AMT on lifetime capital gains exemption (28:35)
Impact of AMT on charitable gifting (30:05)
Impact of AMT on stock options (36:12)
Impact of AMT on trusts (37:14)
Impact of AMT on carrying forward interest charges for rental properties (38:00)
AMT calculations for specific scenarios (39:34)

capital gains
capital gains + carry forward capital loss
capital gains, eligible dividends, + charitable donation

What % of people will be impacted by AMT? (47:42)
Closing remarks (50:15)

Kim Moody:
website: https://moodysprivateclient.com/
LinkedIn: https://www.linkedin.com/in/kimgcmoody/
email: kgcm@kimgcmoody.com
Kim's podcast: https://kimgcmoody.podbean.com/

Yatin Chadha:
beyondmdpodcast@gmail.com
https://www.linkedin.com/in/yatin-chadha-29074b109/