Sheridan Course Outlines

ACCG70025
Income Taxation 2

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: Spring/Summer 2015
Prerequisites: (ACCG70024)
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Course Name (short): Income Taxation 2
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: 5.0
Status: Approved (APPR)

Calendar Description
N/A

Typical Instructional Format

Distance Education	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, 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: 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.

Print	Effective Term	Professor	Applicable Student Group(s)
	Spring/Summer 2015	Multiple Professors	Online Students
	Spring/Summer 2015	Multiple Professors	In-Class Students

[ Printable Version ]