ACCG34780
Taxation 1
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version   Public
 
Section I: Administrative Information
  Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2014
Prerequisites: (ACCG17937)
Corequisites: N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A

Course Name (short): Taxation 1
School:
All Sheridan Schools
Program(s): Business Admin Accounting
Program Coordinator(s): Sally Mitzel
Course Leader or Contact: Peter Lade
Originator: Leslie Waddell
Designate: Leslie Waddell
Version:
18.0
Status: Approved - Under Rev (AREV)

Calendar Description
Tax 1 and Tax 2 provide an extensive introduction to both personal and corporate federal income taxation in Canada. Topics covered in Tax 1 include liability for tax (residency); income from employment, business, property and rules related to deductions for capital expenditures.

Typical Instructional Format

Lecture
42.0
Total hours: 42.0

Courses may be offered in other formats.

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: Multiple PLA Contacts

Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous life and work experiences. 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: Fall 2014
Professor: Multiple Professors
Textbook(s):
Textbooks and Instructional Materials:



R.E. Beam and S.N. Laiken, Introduction to Federal Income Taxation in 

Canada, 35th Edition, 2014-2015, CCH Canadian Ltd.



References:



Canadian Income Tax Act - CCH Canadian Ltd., 98th 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


Academic Honesty
The principle of academic honesty 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 faculty member, or otherwise submitting work that is not the student's own violates this principle and will not be tolerated. Instances of academic dishonesty, including assisting another student to cheat, will be penalized as detailed in the Student Handbook.

Students who have any questions regarding whether or not specific circumstances involve a breach of academic honesty are advised to discuss them with the faculty member prior to submitting the assignment in question.

Discrimination and Harassment
Sheridan is committed to provide a learning environment that respects 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 are available in the Student Handbook.
 
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