FMB submitted a response to the Alternative Minimum Tax (AMT) legislative changes from Budget 2024. The AMT “is a parallel tax calculation that allows fewer tax credits, deductions, and exemptions than under the ordinary personal income tax rules. Taxpayers pay either regular tax or AMT, whichever is highest.” The proposed changes seek to exempt trusts that are established for the benefit of Indigenous governments, communities, organizations and individuals from AMT, so they won’t pay a higher amount.
FMB made a previous submission to Canada on this proposal in November, 2024. At that time, we submitted that a wider and thus more encompassing set of Indigenous trusts be exempted. We now see that in this iteration. In this submission, we request confirmation that the exemption will be as broad as possible.