Sheridan Course Outlines

ACCG70024
Income 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 2015
Prerequisites: (ACCG70016)
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Tax Accounting
Program Coordinator(s): Multiple Coordinators
Course Leader or Contact: Multiple Course Leaders
Version: 6.0
Status: Approved - Under Rev (AREV)

Section I Notes: This course is offered in a classroom version and an online version. In the classroom version, there are three hours per week of classroom instruction. The online version is a web-based course offered entirely online through Sheridan College. Students taking this course will need reliable access to the internet, and should have a basic level of comfort using computers as well as the self- discipline to study independently. Students can expect to spend an additional three hours per week for online activities such as postings, discussions, homework and assignments. Students will be expected to appear in person to write the final exam. Note: A minimum "B" grade is required in both courses, ACCG70024 and ACCG70025, to apply to qualify for partial course exemption towards the Certified General Accountants of Ontario (CGA) course TX1.

Section II: Course Details

Detailed Description
Students are introduced to the fundamental principles and concepts of Canadian federal Income Tax legislation. Using the Income Tax Act (ITA), students examine topics such as the conceptual structure of the ITA; the effect of residency on taxpayer obligations; how to calculate employment, business and property income, and how to compute deductions associated with depreciable capital property and eligible capital property. In the online course students engage in online assessments & assignments, assigned chats and an in class final exam.

Program Context

Tax Accounting

Program Coordinator: Multiple

This course is offered through the Faculty of Continuing & Professional Studies.

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. Prepare 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. Calculate income from property for tax purposes.

Evaluation Plan
Students demonstrate their learning in the following ways:

In-class and Online Evaluation
Assignments and/or group work        20%
Midterm Exam (Chapter 1 - 3, 14)     35%
Final Exam - Comprehensive           45%
TOTAL                               100%

Please note: The Final exam will be administered in person and NOT
online. Students are allowed to bring the Income Tax Act into the
final examination.

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

Essential Employability Skills
Essential Employability Skills emphasized in the course:

	Communication		Critical Thinking & Problem Solving		Interpersonal
	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.

Print	Effective Term	Professor	Applicable Student Group(s)
	Winter 2015	Multiple Professors	Online Students
	Winter 2015	Multiple Professors	In Class Students

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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