ACCG34780
Taxation 1 |
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I: Administrative Information II: Course Details
III: Topical Outline(s) Printable Version Public |
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Section I: Administrative Information
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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
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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.
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Section II: Course Details
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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
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Business Admin Accounting |
Program Coordinator: Sally Mitzel |
This course is a core
component of the third year
of the Accounting Program.
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Course Critical Performance and Learning Outcomes
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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.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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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.
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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 |
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Information
Management |
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Personal
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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 |
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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 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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