Tax Planning 1
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  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
Section I: Administrative Information
  Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2003
Prerequisites: N/A
Corequisites: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Admin - Finance
Program Coordinator(s): Henry Katz
Course Leader or Contact: Multiple Course Leaders
Status: Approved - Under Rev (AREV)

Section I Notes: N/A

Section II: Course Details

Detailed Description
Income taxation is a significant cost to individuals (and other entities). The maximization of wealth requires the minimization of income taxation by way of proper tax planning. Effective tax planning requires a basic understanding of the tax system. This course provides an overview of the taxation of individuals. Emphasis is placed on opportunities to minimize taxation and maximize wealth with proper tax planning.

Program Context

Business Admin - Finance Program Coordinator: Henry Katz
This course represents an introduction to the taxation of incomes of individuals in Canada. By addressing questions such as, "who is subject to income tax?", what types of income are taxed?" and "how is tax payable calculated?". Students will not only become familiar with the current framework of income taxation, but also with opportunities to minimize such income taxation. Various topics in this course, include capital cost allowance and the taxation of various sources of income.

Course Learning Outcomes
Learning outcomes identify the critical performances, and the knowledge, skills and attitudes that successful students will have reliably demonstrated through the learning experiences and evaluation in the course. Successful students will have demonstrated the following:

-tax planning vs. tax evasion
-basic tax planning techniques
-who is (and who is not) liable for income tax in 
-the various sources of income (and deductions 
 allowed against that income)
-tax implications of the acquisition, use and 
 disposal of depreciable property
-calculation of net income for tax purposes

Successful students will have demonstrated further 
development in their abilities to:

-differentiate tax planning techniques from tax 
 evasion (a criminal offence)
-identify and apply appropriate tax planning 
 techniques in a given situation
-list the sources of income subject to taxation as 
 categorized by the Income Tax Act (and provide 
-identify tax deduction available to taxpayers 
 against specific sources of income
-calculate net income for tax purposes
-identify strategies that are to be considered 
 in minimizing income taxes

Successful students will have demonstrated 
attitudes of:

-appreciation of the benefits of good tax planning 
 in maximizing the wealth of individuals
-confidence in discussing taxation issues relating 
 to individuals
-responsibility in meeting test and assignment due 
Evaluation Plan
Students demonstrate their learning in the following ways:

Students demonstrate their learning in the following ways:

1. TESTS:        90% (45% each)
   Two tests will be written in regular class periods.  Each test is 
   equally weighted unless previously advised by the instructor.

   The instructor will assign homework problems and announce due dates 
   in class during the course.  Each assignment is of equal value, 
   unless indicated otherwise by the instructor.
Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:


Generic Skills
Generic Skills emphasized in the course:

X communication - written X communication - oral   communication - visual
X analytical X creative thinking   decision making
  interpersonal X numeracy   organizational
X problem solving   technological X other (see below)

Notes: Technical literacy.

General Education
This General Education course relates to the following themes as specified by the Ministry of Training, Colleges and Universities.

  asthetic appreciation   social understanding
  civic life   understanding science
  cultural understanding   understanding technology
  personal development   work and the economy

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

Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous relevant work/life experience, service, self-study and training on the job. This course is eligible for challenge through the following method(s):

Challenge Exam Portfolio Interview Other Not Eligible for PLAR

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.
Effective term: Fall 2003
Professor: Multiple Professors
Canadian Tax Principles: 2002-2003 Edition; 
Byrd, Chen, Jacobs; Pearson

Applicable student group(s): Business Administration - Finance
Course Details:
WEEK      CHAPTER          TOPIC

  1         2        Fundamentals of Tax Planning
                     -tax planning, avoidance and 
                     -types of tax planning and 
                      skills required
                     -limitations to tax planning

  2         3        Liability for Tax and Income 
                     -sources of Canadian tax law
                     -parties subject to 
                     -determination of income 
                      subject to tax

 3-5       5         Income From Employment
                     -employed vs. self-employed
                     -general rules for income 
                     -scope and limitations of 
                      deductions permitted against 
                      employment income
                     -sample calculation of net 
                      income from employment

  6        7         Income From Business
                     -general scope of business 
                     -general rules for 
                      determining income from 
                      business, and relationship 
                      to GAAP

  7                  TEST # 1

 8-9        8         Acquisition, Use and 
                      Disposal of Depreciable 
                      -standardized format for 
                       dealing with depreciable 
                      -general rules and 
                       exceptions relating to CCA 
                       system and Eligible Capital 

10-11      11         Income From Property
                      -definition and scope of 
                       income from property
                      -unique aspects of primary 
                       types of investment income
                      -impact of taxation on 
                       investment decisions

 12-13      9         Capital Gains
                      -capital gains vs. business 
                      -basic rules for determining 
                       the amount and timing of 
                       gains and losses
                      -unique types of properties

  14                  TEST # 2

Sheridan Policies

All Sheridan policies can be viewed on the Sheridan policy website.

Academic Integrity: The principle of academic integrity 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 professor, or otherwise submitting work that is not the student's own, violates this principle and will not be tolerated. Students who have any questions regarding whether or not specific circumstances involve a breach of academic integrity are advised to review the Academic Integrity Policy and procedure and/or discuss them with the professor.

Copyright: A majority of the course lectures and materials provided in class and posted in SLATE are protected by copyright. Use of these materials must comply with the Acceptable Use Policy, Use of Copyright Protected Work Policy and Student Code of Conduct. Students may use, copy and share these materials for learning and/or research purposes provided that the use complies with fair dealing or an exception in the Copyright Act. Permission from the rights holder would be necessary otherwise. Please note that it is prohibited to reproduce and/or post a work that is not your own on third-party commercial websites including but not limited to Course Hero or OneNote. It is also prohibited to reproduce and/or post a work that is not your own or your own work with the intent to assist others in cheating on third-party commercial websites including but not limited to Course Hero or OneNote.

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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. Any changes to course curriculum and/or assessment shall adhere to approved Sheridan protocol. 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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