ACCG34780
Taxation 1A
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: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2022
Prerequisites: ACCG17937
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business, Business Admin. Accounting
Program Coordinator(s): Orlando Brown, Irene Plavcic, Vanessa Robinson
Course Leader or Contact: Humayun Chaudhary
Version: 20220906_00
Status: Approved (APPR)

Section I Notes: N/A

 
 
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 capital property, and income from property.

Program Context

 
Business Program Coordinator(s): Vanessa Robinson
This course is an elective course for the Business program.

Business Admin. Accounting Program Coordinator(s): Orlando Brown, Irene Plavcic
This course is a core component of the third year of the Business Administration Accounting Program.


Course Critical Performance and Learning Outcomes

  Critical Performance:
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. Determine the extent of a taxpayer's (individuals and corporations) federal income tax liability by assessing their residency status.
  3. Identify specific inclusions and deductions from employment income.
  4. Compute amounts to be included and deducted to determine employment income.
  5. Distinguish between income from business, income from property, and a capital gain.
  6. Calculate income or loss from a business for tax purposes.
  7. Classify depreciable capital property and capital property for tax purposes.
  8. Complete a capital cost allowance schedule.
  9. Evaluate and compute the tax consequences of alternative investments.
  10. Assess whether transactions are subject to income attribution.
  11. Prepare a calculation of income from property for tax purposes.
  12. Analyze GHT/HST obligations and calculate net tax for an individual.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS
 Assignments (2 x 10%)20.0%
 Quizzes (5 x 4%)20.0%
 Midterm Exam25.0%
 Final Exam Comprehensive35.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
Late submissions are not permitted. Modifications for exceptional circumstances (to be determined at the discretion of the instructor) may allow for changes to the implementation of this procedure. Note: work/personal conflicts and/or commitments & computer related problems are not valid reasons for missed work.

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


 

Essential Employability Skills
Essential Employability Skills emphasized in the course:

  • Communication Skills - Communicate clearly, concisely and correctly in the written, spoken, visual form that fulfills the purpose and meets the needs of the audience.
  • Communication Skills - Respond to written, spoken, or visual messages in a manner that ensures effective communication.
  • Numeracy - Execute mathematical operations accurately.
  • Critical Thinking & Problem Solving Skills - Use a variety of thinking skills to anticipate and solve problems.
  • Critical Thinking & Problem Solving - Apply a systematic approach to solve problems.
  • Interpersonal Skills - Show respect for the diverse opinions, values, belief systems, and contributions of others.
  • Interpersonal Skills - Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

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.
Instruction Mode: In-Class
Professor: Multiple Professors
Resource(s):
 TypeDescription
RequiredOtherCanadian Income Tax Act with Regulations, available through Sheridan Library access
RequiredTextbookCanadian Tax Principles, Byrd & Chen, Pearson, 2022-2023, Volumes I and II with Study Guide and MyLab Accounting from Pearson

Applicable student group(s): Business Administration - Accounting
Course Details:

Module 1: General Income Tax Concepts

  • History and objectives of Canadian tax system
  • Structure and interpretation of the Income Tax Act
  • Income tax research and reference materials
  • Tax evasion, tax avoidance and tax planning
  • The use of data analytics
  • Reporting systems and data requirements for tax compliance
  • Legal forms and structures: Sole proprietorship, corporation, partnership, trust
  • Computation of net and taxable income
  • Taxation of various types of income
  • How and why tax legislation exists; various revenue sources; responsibilities of taxpayers, their advisors, and CRA
  • Individual and corporate residency
  • Full year, part-year and deemed residents
  • Purpose of tax treaties
  • Compliance requirements
  • Deemed acquisition/disposition rules
  • Availability of elections

Chapter: 1
Learning Outcomes: 1, 2

Module 2: General principles of income from office or employment

  • Employed versus self-employed status
  • Common employment taxable benefits (automobiles, allowances and reimbursements, 6(1)(a) exclusions, group plans, stock options)
  • Common employment income deductions (legal expenses, sales expenses, automobiles, meals, dues, home office)
  • Interest free loans/low interest loans

Chapter: 3
Learning Outcomes: 3, 4
Assessment: Quiz 1 –4%

Module 3: Income or loss from a business

  • Types of income-business income, property income, capital gains
  • General principles of income from business
  • Common Schedule 1 adjustments including inclusions and deductions
  • Reconciliation schedule

Chapter: 6
Learning Outcomes: 5, 6
Assessment: Quiz 2 –4%, Assignment 1 –10%

MID-TERM EXAM 25% (Modules 1-3)

Module 4: Capital cost allowance system for depreciable property including intangibles

  • General principles and definitions related to CCA (UCC, recapture, terminal loss)
  • Acquisition and disposition of depreciable capital property
  • Common CCA classes
  • Separate CCA classes
  • Inducement payments
  • Available for use
  • Short taxation year

Chapter: 5
Learning Outcomes: 5, 7, 8,
Assessment: Quiz 3 - 4%

Module 5: Income or loss from property

  • General principles of income from property
  • Dividends (eligible, non-eligible, capital)
  • Integration concept
  • Basic stakeholder relationships (affiliated, non-arm's length, related)
  • Attribution (spouses and children)
  • Existence and purpose of GAAR and anti-avoidance provisions
  • Income splitting opportunities with family members
  • Tax on split income

Chapter(s): 7, 9 (select material), 11 (select material)
Learning Outcomes: 5, 9, 10, 11
Assessment: Quiz 4 - 4%

Module 6: General GST / HST Concepts

  • GST system in Canada
  • Basics of GST –key definitions
  • Legislative framework –regulations, legislation
  • Entities subject to different rules
  • GST obligations –collection and remittance
  • GST calculations
  • GST treatment for specific items
  • GST administration
  • GST implications for tax planning (shareholders and closely held corporations)

Chapter: 21
Learning Outcomes: 12
Assessment: Quiz 5 –4%, Assignment 2 –10%

FINAL COMPREHENSIVE EXAM 35% (Modules 1-6)



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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.


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