Sheridan Course Outlines

ACCG70025
Income Taxation 2

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: (ACCG70024)
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: 4.0
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, assignments and homework. Students in the online course will be expected to write the mid-term and the final exam in person at Sheridan College. A minimum 'B' grade is required in both courses, ACCG70024 and ACCG70025, to apply for partial course exemption towards the Certified General Accountants of Ontario (CGA) course TX1. The CGA challenge exam for TX 1 is required.

Section II: Course Details

Detailed Description
Students continue to build on their knowledge of federal income taxation in Canada. Studies include sources of net income with the examination of capital gains and losses and the treatment of miscellaneous sources of income and deductions. Students determine taxable income, tax rates and various personal tax credits in order to calculate individual taxes payable. The study of Corporate income tax is introduced and students learn to analyze the corporation and its activities, to determine the optimal tax deductions (or tax credits) to minimize corporate taxes payable. In the online course students will be involved in assigned chats and online assessments that are comprised of quizzes and assignments.

Program Context

Tax Accounting

Program Coordinator: Multiple

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

Course Critical Performance and Learning Outcomes

 Critical Performance
By the end of this course, students will have demonstrated the 
ability to evaluate personal and corporate tax consequences 
and to compute taxable income and taxes payable for individuals and
corporations, using the Income Tax Act and other 
reference material.
   
Learning Outcomes
To achieve the critical performance, students will have demonstrated 
the ability to:
 
1. Classify various types of capital property and apply the specific 
   provisions for the taxation of capital gains or losses.
2. Calculate income for an individual from all sources. 
3. Identify miscellaneous receipts and deductions which are required
   to be included in the calculation of net income for tax purposes.
4. Examine the potential Division C deductions and calculate taxable  
   income for individuals according to the ordering rules in  
   Division C.
5. Compute the minimum amount of federal tax payable for individuals 
   by optimizing personal tax credit claims.
6. Prepare a schedule of net income for tax purposes for a 
   Corporation, recognizing differences in the calculation of
   income for a Corporation and an individual. 
7. Identify and calculate any potential deductions in the computation
   of taxable income for a corporation.
8. Apply the general rate of tax for all corporations and assess 
   whether the corporation qualifies for any deductions from Part 1   
   tax (tax credits).  
9. Calculate the federal tax abatement, the general rate reduction
   and the foreign tax credits (as applicable).
10.Demonstrate the concept of integration.
11.Identify active business income and calculate the small business
   deduction.
12.Ascertain the appropriate tax treatment for investment income of
   private corporations and calculate the related refundable taxes.

Evaluation Plan
Students demonstrate their learning in the following ways:

Evaluation Plan ONLINE
Assignments(8x1.25%)                    10%
Quizzes(5x1%)                           5%
Contributions to on-line discussions    5%
Midterm Exam* (Chapters 7 - 10)         40% 
Final Exam* - Comprehensive             40% 
Total                                   100%

*Students are expected to write the midterm and final exam in person
at an assigned date and time. Assessment details will be provided
within the online course.

Evaluation Plan IN-CLASS
Students demonstrate their learning in the following ways: 
Assignments and/or group work          20%
Midterm Exam (Chapters 7-10)           40%
Final Exam - Comprehensive             40%
Total                                  100%

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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