Sheridan Course Outlines

ACCG34780
Taxation 1

I: Administrative Information II: Course Details III: Topical Outline(s) Printable Version

Section I: Administrative Information

Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Winter 2014
Prerequisites: (ACCG17937)
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Admin Accounting
Program Coordinator(s): Sally Mitzel
Course Leader or Contact: Peter Lade
Version: 17.0
Status: Approved - Under Rev (AREV)

Section I Notes: A minimum "B" grade is required in both courses, ACCG34780 and ACCG30699, to qualify for partial course exemption towards the CGA course of study. The CGA challenge exam for CGA Taxation 1 is required. This course is taught in a mobile computing environment.

Section II: Course Details

Detailed Description
This course provides an extensive introduction to the taxation of various sources of income in Canada. Topics covered include residency, obligations of the taxpayer, employment income, income from business, depreciable capital property and eligible capital property, and income from property.

Program Context

Business Admin Accounting

Program Coordinator: Sally Mitzel

This course is a core component of the third year of the Accounting Program.

Course Critical Performance and Learning Outcomes

 By the end of this course, students will have demonstrated  the 
ability to calculate income from employment, business and property 
for residents of Canada using the provisions of the Income Tax Act.

Learning Outcomes
To achieve the critical performance, students will have demonstrated 
the ability to: 
 
1. Locate information in the Income Tax Act and discuss the 
   history of income taxation in Canada. 
2. Identify many of the rights and obligations of both taxpayers and  
   the CRA under the Income Tax Act
3. Determine the extent of a taxpayer's (individuals and 
   corporations) federal income tax liability by assessing their 
   residency status.
4. Identify specific inclusions and deductions from employment 
   income. 
5. Compute amounts to be included and deducted to determine 
   employment income.
6. Distinguish between income from business, income from 
   property, and a capital gain.
7. Calculate income or loss from a business for tax purposes.
8. Classify depreciable capital property and eligible capital 
   property for tax purposes. 
9. Complete a capital cost allowance schedule and a schedule     
   calculating the balance of the cumulative eligible capital account.
10.Evaluate and compute the tax consequences of alternative 
   investments. 
11.Assess whether transactions are subject to income attribution. 
12.Prepare a calculation of income from property for tax 
   purposes.

Evaluation Plan
Students demonstrate their learning in the following ways:

Assignments and/or group work        20%
Midterm Exam                         35%
Final Exam - Comprehensive           45%
TOTAL                               100%

Your instructor will provide specific details based on the teaching 
approach adopted.

Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:

Essential Employability Skills
Essential Employability Skills emphasized in the course:

X	Communication	X	Critical Thinking & Problem Solving	X	Interpersonal
X	Numeracy		Information Management		Personal

Notes: N/A

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) : Office of the Registrar
Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous relevant work/life experience, service, self-study and training on the job. This course is eligible for challenge through the following method(s):

Challenge Exam	Portfolio	Interview	Other	Not Eligible for PLAR
X

Notes: N/A

Section III: Topical Outline

Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Effective term: Winter 2014
Professor: Multiple Professors
Textbook(s):

Textbooks and Instructional Materials:

R.E. Beam and S.N. Laiken, Introduction to Federal Income Taxation in 
Canada, 34th Edition, 2013-2014, CCH Canadian Ltd.

References:

Canadian Income Tax Act - CCH Canadian Ltd., 96th Edition (Students 
are allowed to bring the "Act" into tests 
and examinations.)

Applicable student group(s): Business Administration - Accounting
Course Details:

Module 1 - Introduction, ITA and obligations

- Locate information in the Income Tax Act and discuss the 
  history of income taxation in Canada. 

- Identify many of the rights and obligations of both taxpayers
  and the CRA under the Income Tax Act

Text Reference -  Chapter 1 & Chapter 14

Module 2 - Residency status of individuals and corporations

- Determine the extent of a taxpayer's (individuals and 
  corporations) federal income tax liability by assessing their 
  residency status.

Text Reference - Chapter 2 

Module 3 - Employment Income

- Distinguish between a self-employed independent contractor and an 
  employee.

- Identify specific inclusions and deductions from employment income. 

- Compute amounts to be included and deducted to determine employment
  income.

Text Reference - Chapter 3 

Mid-term Exam, Chapters 1-3 & 14

Module 4 - Business Income

- Distinguish between income from business, income from property,  
  and a capital gain.

- Calculate income or loss from a business for tax purposes.

Text Reference - Chapter 4 

Module 5 - Capital Cost Allowance and Eligible Capital Property

-  Classify depreciable capital property and eligible capital 
   property using the capital cost allowance system. 

-  Complete a capital cost allowance schedule. 

-  Calculate the balance of the cumulative eligible capital account.

Text Reference - Chapter 5 

Module 6 - Property Income

- Evaluate and compute the tax consequences of alternative
  investments. 

- Assess whether property transactions are subject to income
  attribution. 

- Prepare a calculation of income and expense from property for tax  
  purposes.

Text Reference - Chapter 6

Comprehensive:  Chapters 1-6 & 14

Sheridan Policies

All Sheridan policies can be viewed on the Sheridan policy website.

Academic Integrity: The principle of academic integrity requires that all work submitted for evaluation and course credit be the original, unassisted work of the student. Cheating or plagiarism including borrowing, copying, purchasing or collaborating on work, except for group projects arranged and approved by the professor, or otherwise submitting work that is not the student's own, violates this principle and will not be tolerated. Students who have any questions regarding whether or not specific circumstances involve a breach of academic integrity are advised to review the Academic Integrity Policy and procedure and/or discuss them with the professor.

Copyright: A majority of the course lectures and materials provided in class and posted in SLATE are protected by copyright. Use of these materials must comply with the Acceptable Use Policy, Use of Copyright Protected Work Policy and Student Code of Conduct. Students may use, copy and share these materials for learning and/or research purposes provided that the use complies with fair dealing or an exception in the Copyright Act. Permission from the rights holder would be necessary otherwise. Please note that it is prohibited to reproduce and/or post a work that is not your own on third-party commercial websites including but not limited to Course Hero or OneNote. It is also prohibited to reproduce and/or post a work that is not your own or your own work with the intent to assist others in cheating on third-party commercial websites including but not limited to Course Hero or OneNote.

Intellectual Property: Sheridan's Intellectual Property Policy generally applies such that students own their own work. Please be advised that students working with external research and/or industry collaborators may be asked to sign agreements that waive or modify their IP rights. Please refer to Sheridan's IP Policy and Procedure.

Respectful Behaviour: Sheridan is committed to provide a learning environment that supports academic achievement by respecting the dignity, self-esteem and fair treatment of every person engaged in the learning process. Behaviour which is inconsistent with this principle will not be tolerated. Details of Sheridan's policy on Harassment and Discrimination, Academic Integrity and other academic policies are available on the Sheridan policy website.

Accessible Learning: Accessible Learning coordinates academic accommodations for students with disabilities. For more information or to register, please see the Accessible Learning website (Statement added September 2016)

Course Outline Changes: The information contained in this Course Outline including but not limited to faculty and program information and course description is subject to change without notice. Any changes to course curriculum and/or assessment shall adhere to approved Sheridan protocol. Nothing in this Course Outline should be viewed as a representation, offer and/or warranty. Students are responsible for reading the Important Notice and Disclaimer which applies to Programs and Courses.

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