ACAF70048
Taxation		 Sheridan
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
 

Land Acknowledgement

Sheridan College resides on land that has been, and still is, the traditional territory of several Indigenous nations, including the Anishinaabe, the Haudenosaunee Confederacy, the Wendat, and the Mississaugas of the Credit First Nation. We recognize this territory is covered by the Dish with One Spoon treaty and the Two Row Wampum treaty, which emphasize the importance of joint stewardship, peace, and respectful relationships.

As an institution of higher learning Sheridan embraces the critical role that education must play in facilitating real transformational change. We continue our collective efforts to recognize Canada's colonial history and to take steps to meaningful Truth and Reconciliation.
Section I: Administrative Information
  Total hours: 63.0
Credit Value: 4.5
Credit Value Notes: N/A
Effective: Spring/Summer 2020
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Adv Cert Accounting & Finance
Program Coordinator(s): N/A
Course Leader or Contact: N/A
Version: 20200519_00
Status: Approved (APPR)

Section I Notes: Students are expected to have completed ACAF70040 or equivalent before registering for this course. This course is offered in two formats - online (OntarioLearn) and blended (on-campus and Slate). For the blended version, there will be 14 three-hour weekly sessions in-class, and each session will be followed or preceded by 1.5 hours of online learning activities. Online learning often involves assigned weekly readings, research, assignments, quizzes, journal writing and discussion boards. Some courses may include live online class sessions that allow students and the instructor to engage and share resources as a group. A laptop computer is required for this course. Students will need access to a computer and the internet. To be considered for the Advanced Certificate in Accounting and Finance (ACAF) National Examination eligibility, students must earn a minimum grade of 60% in the ACAF Taxation course and meet the additional standards of achievement as required by CPA Ontario's National Examination Policies.
 
 
Section II: Course Details

Detailed Description
Students examine Canadian federal income tax legislation to determine income and taxes payable for individuals and corporations (Public, Private, Canadian Controlled Private Corporations). Related rules from the Goods and Services Act are also reviewed. Students develop the techniques and skills required to apply this tax knowledge to various situations. Students explore liability for tax; income from employment, business, property, other income and capital gains; taxable income, taxes payable; and the rights and obligations of taxpayers, shareholder benefits and tax planning. By comparing and analyzing common features of the Income Tax Act and identifying and distinguishing the exceptions, students develop a strong framework for making tax related decisions. Through a combination of interactive lectures, class discussions, in-class exercises, numerous situational examples, case studies, research and assignments, students analyze individual circumstances and determine the applicable legislation. Students predict the tax consequences of events and propose alternative courses of action which will result in a more desirable tax treatment.

Program Context

 
Adv Cert Accounting & Finance Program Coordinator(s): N/A
This course is part of the ACAF cluster of course offerings.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course, students will have demonstrated the ability to determine income and taxes payable for individuals and for corporations according to the rules of the Income Tax Act.
 
Learning Outcomes:

To achieve the critical performance, students will have demonstrated the ability to:

  1. Describe taxation principles as they apply to different types of taxpayers and business entities.
  2. Calculate employment income inclusions and deductions.
  3. Calculate business income inclusions and deductions.
  4. Calculate Capital cost allowance.
  5. Calculate Income from property.
  6. Specify the tax treatment of the disposition of various types of capital property.
  7. Recognize other sources of income and deductions.
  8. Calculate the taxable income and tax payable for an individual.
  9. Calculate the taxable income and tax payable for a corporation.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS & ONLINE INSTRUCTION
 Quizzes (6 x 2 %)12.0%
 Assignments (2 x 9%)18.0%
 Midterm30.0%
 Final Exam Comprehensive40.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
TEST AND ASSIGNMENT PROTOCOL The following protocol applies to every course offered by Continuing and Professional Studies. 1. Students are responsible for staying abreast of test dates and times, as well as due dates and any special instructions for submitting assignments and projects as supplied to the class by the instructor. 2. Students must write all tests at the specified date and time. Missed tests, in-class/online activities, assignments and presentations are awarded a mark of zero. The penalty for late submission of written assignments is a loss of 10% per day for up to five business days (excluding Sundays and statutory holidays), after which, a grade of zero is assigned. Business days include any day that the college is open for business, whether the student has scheduled classes that day or not. An extension or make-up opportunity may be approved by the instructor at his or her discretion.



Evaluation Plan: ONLINE
 Quizzes (6 x 2 %)12.0%
 Assignments (2 x 9%)18.0%
 Midterm30.0%
 Final Exam Comprehensive40.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
TEST AND ASSIGNMENT PROTOCOL The following protocol applies to every course offered by Continuing and Professional Studies. 1. Students are responsible for staying abreast of test dates and times, as well as due dates and any special instructions for submitting assignments and projects as supplied to the class by the instructor. 2. Students must write all tests at the specified date and time. Missed tests, in-class/online activities, assignments and presentations are awarded a mark of zero. The penalty for late submission of written assignments is a loss of 10% per day for up to five business days (excluding Sundays and statutory holidays), after which, a grade of zero is assigned. Business days include any day that the college is open for business, whether the student has scheduled classes that day or not. An extension or make-up opportunity may be approved by the instructor at his or her discretion.

Provincial Context
The course meets the following Ministry of Colleges and Universities requirements:

 

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar

  • Not Eligible for PLAR
 
 
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 Instruction Mode Professor Applicable Student Group(s)
Online N/A Online Students
In-class & Online Instruction N/A Blended Students

Sheridan Policies

It is recommended that students read the following policies in relation to course outlines:

  • Academic Integrity
  • Copyright
  • Intellectual Property
  • Respectful Behaviour
  • Accessible Learning
All Sheridan policies can be viewed on the Sheridan policy website.

Appropriate use of generative Artificial Intelligence tools: In alignment with Sheridan's Academic Integrity Policy, students should consult with their professors and/or refer to evaluation instructions regarding the appropriate use, or prohibition, of generative Artificial Intelligence (AI) tools for coursework. Turnitin AI detection software may be used by faculty members to screen assignment submissions or exams for unauthorized use of artificial intelligence.

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. 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.
[ Printable Version ]

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