AMT T691 and Capital Gain

[questionsforever]

after the last update, around Feb 20th, 2025, my AMT tax went up from before by about 20%. Is this due to the new changes (reversion) of capital gains inclusion rate in the latest update or something else? Maybe the T691 was not calculated properly prior to Feb 20? For example, prior to this date I had an AMT of $4700, and now it shows about $5700. Albeit, the total owing is about the same so maybe the schedule 3 tax went down (or maybe it is related to foreign dividend tax credit on T691?)

[TurboTaxVeronique]

@questionsforever we suggest you to visit this link from CRA.

As per CRA, they are working diligently to update their systems to reflect the currently enacted capital gains inclusion rate of one-half. However, this update may not be completed when online filing becomes available on February 24, 2025. 

This means, all forms related to, can have some wrong calculations. Some of these forms are completely locked. We're working hard to finalize these forms to align ourselves with CRA requirements. 

We apologize for this inconvenient and suggest you to try filing your return later.

Thank you for choosing TurboTax.

[questionsforever]

The latest Turbotax update around March 18, 2025 has broken the T691 AMT calculation that was actually correct before. My amt went from 6360 to 2800.  Line 67924 - financing expense is also blank, although line 22100 is not. This field should be auto-populated under 'Non-Deductible Property Expenses' -> 'Interest expenses on money borrowed to earn income ' . It shows 0.00 even though line 22100 has a positive value.  Why was the line passed through to T691 prior to this last update?

[TurboTaxAniqua]

@questionsforever We had a new update, which should have fixed the issue. Is it working for you now?  

[questionsforever]

If I am to understand correctly, one does not need to make any changes manually to the T691 if they entered their data in the T-SLIP panel. For example, if one entered in the receipts->paid to earn inv. income (interest expense) and it seems to not flow through to the T691 as it is fully deductible against AMT? Prior to the March 18 or so update, am I to understand that it was incorrectly considered 50% deductible against AMT but now that it is netfiled certified we see that money borrowed to earn investment income is not 50% deductible for AMT purposes?

[TurboTaxBrenda]

It is not showing on the T691 because it is used to calculate line 2210—you will see this on your T1

The calculation is being done properly. 

The Alternative Minimum Tax (AMT): How It Works and What You Need to Know

Thank you for choosing TurboTax.

[questionsforever]

I was confused because prior to this latest update it was not calculated properly, I can confirm the AMT form was adding this item from the receipts t-slip entry, but it seems corrected now. 

[TurboTaxAniqua]

@questionsforever Thanks for the update.

[mickdg72]

fixed.

[TurboTaxAniqua]

@mickdg72 We are aware of this issue, and our development team is working on a resolution. Once it is resolved, we will update you in this thread. We appreciate your patience.