ACCG70024
Income Taxation 1 - Personal Tax Preparation
Sheridan
 
  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 2020
Prerequisites: ACCG70016
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Small Business Bookkeeping, Tax Accounting
Program Coordinator(s): Ruxandra Dunn
Course Leader or Contact: N/A
Version: 20200914_00
Status: Approved (APPR)

Section I Notes: Access to course materials and assignments will be available on Sheridan's Learning and Teaching Environment (SLATE). Students will need reliable access to a computer and the internet.

 
 
Section II: Course Details

Detailed Description
Students are introduced to the fundamental principles and concepts of Canadian Federal Income Tax legislation. Students learn to navigate and consult the Income Tax Act (ITA), to examine the conceptual structure of the ITA and the effect of residency on taxpayer obligations. Students calculate individual taxable income tax rates, personal tax credits and individual tax payable and complete a personal income tax case study.

Program Context

 
Small Business Bookkeeping Program Coordinator(s): Ruxandra Dunn
This course is a compulsory component for the Small Business Bookkeeping Certificate program.

Tax Accounting Program Coordinator(s): Ruxandra Dunn
This course is a compulsory component for the Tax Accounting Certificate program.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course, students will have demonstrated the ability to refer to the current Canadian Income Tax Act and to manually prepare a simple tax return for an individual by assessing general tax issues, identifying all personal sources of income, deductions and calculating refund or tax payable.
 
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. Identify many of the rights and obligations of both taxpayers and the CRA under the Income Tax Act.
  3. Determine the extent of a taxpayer's (individuals and corporations) federal income tax liability by assessing their residency status.
  4. Identify specific inclusions and deductions from employment income.
  5. Compute amounts to be included and deducted to determine employment income.
  6. Classify various types of capital property and apply the specific provisions for the taxation of capital gains or losses.
  7. Calculate income for an individual from all sources.
  8. Identify miscellaneous receipts and deductions which are required to be included in the calculation of net income for tax purposes.
  9. Examine the potential Division C deductions and calculate taxable income for individuals according to the ordering rules in Division C.
  10. Demonstrate the concept of integration.
  11. Compute the minimum amount of federal tax payable for individuals by optimizing personal tax credit claims.
  12. Manually prepare a simple income tax return for an individual using CRA approved forms.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: ONLINE
 Assignments and/or group work20.0%
 Midterm35.0%
 Final Exam - Comprehensive45.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
Please note that for the online course section, the completion of assignments, discussions, quizzes and exams will be done online. Students are allowed to bring the Income Tax Act into the final examination.



Evaluation Plan: IN-CLASS
 Assignments and/or group work20.0%
 Midterm35.0%
 Final Exam - Comprehensive45.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
The final exam will be administered in a classroom. Students are expected to appear in person to write the final exam. Students are allowed to bring the Income Tax Act into the final examination.

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


 

Essential Employability Skills
Essential Employability Skills emphasized in the course:

  • Numeracy - Execute mathematical operations accurately.

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
    Notes:  

 
 
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)
In-Class Multiple Professors IN-CLASS Students
Online Multiple Professors ONLINE Students

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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