IM-Burrows_2023_1004.pub Intelligence Memos From: Malcolm Burrows To: The Honourable Chrystia Freeland, Minister of Finance Date: October 4, 2023 Re: AMT and Donations Changes to the Alternative Minimum Tax (AMT) rates and rules are scheduled to take effect on January 1 and for the first time AMT will apply to charitable donations from high-income individuals. [...] The 75-percent contribution limit is the charitable version of the AMT as it ensures some tax is paid. [...] The donation tax credit is the basic tax incentive. [...] It is applicable to all donations made by individuals, but varies by the amount of the donation, income of the donor, and province. [...] A donation in the year of the sale will offset a portion of that liability, directing money to charity.
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