I hope there is someone who can help me. I have a client who, under separation agreement had to dispose of qualified farm property. He has the capital gains exemption but he is being assessed the AMT. Is there not an exemption where the source of the AMT is a marriage breakdown. I have contacted the CRA Dedicated Telephone Service to no avail.
I have never heard of an exemption in this case. If the property had to be split, the spousal rollover rules could have been used rather than a sale? On the plus side, the AMT will carry forward to offset regular income tax in future years.
Thanks for your reply. I wasn't expecting good news. The CRA confirmed there is no AMT relief.
Sadly, I doubt the client will have sufficient income to recover the AMT.
Rod
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