ACCG70024
Income 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 2015
Prerequisites:
(ACCG70016)
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Income Taxation 1
School: Continuing Ed & Corp Training
Program(s):
Tax Accounting
Program Coordinator(s):
Multiple Coordinators
Course Leader or Contact: Multiple Course Leaders
Originator: Ravneet Malhi
Designate: Ravneet Malhi
Version: 7.0
Status: Approved (APPR)
Calendar Description
N/A
Typical Instructional Format
Distance Education
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42.0 |
Total hours: |
42.0 |
Courses may be offered in other formats.
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.
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Section II: Course Details
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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
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Tax Accounting |
Program Coordinator: Multiple |
This course is offered
through the Faculty of
Continuing & Professional
Studies.
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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. 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.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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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.
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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:
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Communication
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Critical Thinking & Problem Solving
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Interpersonal
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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.
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[
Printable Version ]
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