ACCG70031
Fundamentals of Tax Preparation |
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I: Administrative Information II: Course Details
III: Topical Outline(s) Printable Version |
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Section I: Administrative Information
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Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2015
Prerequisites:
(ACCG70028) AND (ACCG70029)
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Program(s):
Accounting Practitioner
Program Coordinator(s):
Multiple Coordinators
Course Leader or Contact: N/A
Version: 3.0
Status: Approved (APPR)
Section I Notes:
This course is offered in a blended format that includes online and in
class/virtual meeting components. The total instruction time will be
42 hours. The online portions of the course are web-based and offered
through Sheridan College's SLATE learning management system. Students
taking this course will need a laptop computer, 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, reading, homework and
assignments.
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Section II: Course Details
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Detailed Description
In this introductory course, students explore the field of
professional tax preparation services for individuals and self-
employed business owners. Students will discover how to apply the
principles, rules, and guidelines that govern each type of T1 tax
filing. Students will be exposed to fundamental income tax topics,
including individual taxpayer rights, taxpayer obligations and
requirements. Finally, students will learn to analyze records of
taxable income, and systematically evaluate, select, compute, and
record the necessary information to produce T1 tax returns.
This is an introductory course. Subsequent courses in the Accounting
program will focus on more complex tax rules and concepts for filing
T2 small business and corporate T2 returns. All courses will prepare
students to recognize government requirements for how, when, where,
what and how to file the correct tax forms.
Program Context
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Accounting Practitioner |
Program Coordinator: Multiple |
This is introductory tax and
is part of five core courses
in the new Accounting
Practitioner certificate
program. The AP is the first
certificate in a series of
career related certificates
proposed in the accounting and
finance portfolio. Subsequent
certificates will build in
complexity from this
foundation tax course to
intermediate and advanced tax
planning focused on medium to
large corporations.
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Course Critical Performance and Learning Outcomes
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1. Research provincial and federal rules and legislation with respect
to income taxes
2. Identify the rights and obligations of taxpayers and the CRA as
they relate to the Income Tax Act.
3. Identify and calculate specific income and deductions from
employment, business and property revenue sources.
4. Distinguish between personal, business, property, investment and
other income.
5. Differentiate between the type of tax filing required for
individuals, Self-Employed Businesses and Corporations.
6. Identify the appropriate situations and supplies requiring
application of the HST
7. Calculate and apply the principles and skills related to Input Tax
Credit and differentiate between 'taxable vs exempt' and allocation
items.
8. Select and apply an appropriate instalment payment schedule for
individuals.
9. Complete a payroll report identifying the requirements and
calculations related to the payroll process.
10. Describe and explain the difference between employees vs
contractors vs consultants.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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Students demonstrate their learning in the following ways:
Quizzes 15% (3 X 5%)
Assignments 20% (2 X 10%)
Mid- term 25%
Comprehensive Final Exam 40%
Total 100%
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Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:
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Essential Employability
Skills
Essential Employability Skills emphasized in the course:
X
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Communication
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X
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Critical Thinking & Problem Solving
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X
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Interpersonal
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X
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Numeracy |
X
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Information
Management |
X
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Personal
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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 |
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Notes: N/A
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Section III: Topical Outline
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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: Fall 2015
Professor: Multiple Professors
Textbook(s): N/A
Applicable student group(s): All Students in the Faculty of Continuing and Professional Studies
Course Details:Module 1: Background and Theory of Taxation (LO # 1,4)
What is taxation
Who, What and Where to File
How to locate information
Module 2: Taxpayer Rights and Obligations (LO #2,3, 4, 10)
Describe Taxpayer rights and obligations under CRA (Canada Revenue
Agency) including:
- CRA Rights and Obligations
- Self assessment
- Reporting
- Books and Records
- Appeals Process
- CRA Responsibility
- Fairness
- Appeals/Ombudsman
Module 3: Employer Reporting Requirements (LO # 3,4,5 ,8, 9)
Identify and describe employment income ?
Identify all sources of income required for a T1 filing
Identify the relevant, available and eligible deductions from
employment income
Describe the reporting and filing requirements for an employer
Module 4: Basics of Individual Tax Filing (LO # 4,5, 9, 10)
Reporting and filing requirements to employee
Review and identify the differences between common tax slips
individuals receive
Identify the eligible deductions and credits available to individuals
Review and identify the thresholds and rationale behind provincial and
federal Tax rates
Prepare options for instalment obligations
Prepare a basic T1 return
Module 5: Intro to Business, Property and Capital Gains Tax (LO #
4,5, 6)
Identify income from business activities
Identify income from property
Identify income from capital gains
Describe the common capital gain reporting requirement for individuals
Prepare a T1 reporting capital gains
Module 6: Business Income (LO # 6,7, 8)
Define « business Income »
Identify and describe applicable business expenses allowable under CRA
Differentiate between Taxable Income vs. Book Income
Prepare a self-employed business return
Module 7 : Property Income (LO # 4,5, 6)
Identify and describe the type of property income affecting
Individuals
Describe the allowable CRA deductions from property income
Prepare a T1 reporting property income
Module 8 : Harmonized Sales Tax - HST (LO # 6,7, 8)
Define HST requirements under CRA
Identify the various type of supplies related to HST charges
Describe HST vs GST and PST
Input Tax Credits into the appropriate section of an ERP system
Prepare an HST Return
Module 9 :Contractors and Commissions (LO # 3,8,9,10)
Distinguish between contractors vs. Employees
Define commissioned vs. salaried Employees
Prepare a T1 for commissioned employee/contractor
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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.
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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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