Crowe MacKay's tax experts share insight on Canadian tax
changes announced by the Federal Government impacting individuals,
families, and businesses.
Alternative Minimum Tax (AMT) Changes
The calculation of alternative minimum tax is complex, and,
generally speaking, it is in place to help ensure that an
individual pays less than what is termed “base tax,” an
additional amount of tax is levied. Several changes to the
calculation of AMT are proposed to take effect in 2024, increasing
the amount of adjusted taxable income that will be subject to
AMT.
Short-term Rentals Including Airbnb
Measures are being proposed to prevent short-term rental
operators from deducting expenses against their rental income in
situations where they are not compliant with the short-term rental
regulations of their local municipality. The proposed measures
would deny all expenses against income that has been sourced from a
short-term rental. These measures would take effect as of
