Tax Planning 2
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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: Winter 2003
Prerequisites: (ACCG2021)
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 (APPR)

Section I Notes: N/A

Section II: Course Details

Detailed Description
This course provides an overview of the taxation of mutual funds, trusts, corporations and partnerships. 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 is a continuation of ACCG2021 (Tax Planning 1) and represents a core component of the Finance Program. In combination with ACCG2021, it provides students with the opportunity to acquire necessary foundation knowledge in the area of tax planning for individuals. Since individuals may derive substantial income from mutual funds, corporations or partnerships, it is necessary to have a basic knowledge of the taxation of these entities. Students will be able to integrate knowledge and skills gained from other program courses such as FINA4011 and FINA4012.

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:

- calculation of income tax payable for individuals
- taxation of mutual funds
- taxation of income derived from mutual funds
- tax benefits of incoporating business income and investment income 
  in a Canadian Controlled Private Corporation (CCPC)
- taxation of partnership(business)income
- taxation on the sale of a partnership interest
- calculate income tax payable for individuals
- discuss the taxation of mutual funds and the integration of taxation 
  at the investor level
- calculate taxes payable by Canadian Public Corporations and CCPCs
- evaluate the costs and benefits of incorporating business and 
  investment income in a CCPC
- calculate the net income for tax purposes for a partnership
- contrast the taxation of corporations, partnerships
- calculate the impact on an individual's net income for tax purposes 
  resulting from the sale of a partnership interest

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

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

2. Assignments:  10%
   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 X decision making
X interpersonal X numeracy X organizational
X problem solving X technological   other (see below)

Notes: N/A

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: Winter 2003
Professor: Multiple Professors
Canadian Tax Principles: 2000-2001 Edition: Byrd, Chen, Jacobs; 

Applicable student group(s): Business Administration - Finance
Course Details:
Week:    1
Chapter: 12
Topic:   Taxable Income for Individuals
         - Introduction & explanation of taxable income
         - Deductions from net income to derive taxable income

Week:    2 & 3
Chapter: 13
Topic:   Taxes Payable for Individuals
         - Federal tax rates & credits available
         - Calculation of federal & provincial taxes payable

Week:    4 & 5
Chapter: 14
Topic:   Corporations - An Introduction
         - Basic structure of a Corporation
         - Relationship between a corporation & its shareholders
         - Calculate taxable income & payable

Week:    6 & 7
Topic:   19
         Trusts & Estates
         - What is a trust
         - Types of trusts  
         - Taxation of trusts & beneficiaries

Week:    8
         TEST 1


Week:    9 & 10   
Chapter: 6
Topic:   RRSPs
         - Rules in accordance with the Income Tax Act
         - Retirement Planning Strategies
         - RRSP contribution limits & (PA) Pension Adjustment
         - RRSP & the home buyers plan

Week:    11, 12, 13
Text:    "Investing In Your Future", IFIC (Investment Funds Institute 
         of Canada)
Topic:   Mutual Funds
         - What is a mutual fund, how do mutual funds work, buying & 
         - Different types of funds, mutual fund fees, asset 
         - Investor protection and more

Week:    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.

Intellectual Property: Sheridan's Intellectual Property Policy generally applies such that students own their own work. Please be advised that students working with external research and/or industry collaborators may be asked to sign agreements that waive or modify their IP rights. Please refer to Sheridan's IP Policy and Procedure.

Respectful Behaviour: Sheridan is committed to provide a learning environment that supports academic achievement by respecting the dignity, self-esteem and fair treatment of every person engaged in the learning process. Behaviour which is inconsistent with this principle will not be tolerated. Details of Sheridan's policy on Harassment and Discrimination, Academic Integrity and other academic policies are available on the Sheridan policy website.

Accessible Learning: Accessible Learning coordinates academic accommodations for students with disabilities. For more information or to register, please see the Accessible Learning website (Statement added September 2016)

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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