Question
Alternative Minimum Tax and the Planning Module
- December 11, 2021
- 0 replies
- 1 view
When populating the T1 Planning Module by copying the T1, if there was AMT payable in the T1 that is copied, the amount of AMT from that period will be imported into the Planning Module as if an election to use the AMT carryforward has been made, even if in the period being explored there is AMT payable again. This automatic populating of the Planning Module with the prior period AMT carryforward has the effect of causing the Provincial Tax AMT amount to be incorrectly calculated.
Until this automatic populating of the elected s.120.2(1) amount is corrected, users will need to be careful to ensure the elected amount is a nil amount if in the planning period under consideration there is AMT that needs to be calculated.
