Course Description
This course covers the fundamental principles and concepts of Canadian federal income tax legislation as it applies to individuals. The course emphasizes the understanding of the conceptual structure of the Income Tax Act and equips students with skills in the application of its rules to practical cases including the use of tax return software.
Course Content
- The Canadian Tax System
- Income or Loss from an Office or Employment
- Taxable Income and Tax Payable for Individuals
- Capital Cost Allowances and Cumulative Eligible Capital
- Income or Loss from a Business
- Income from Property
- Capital Gains and Losses
- Other Income, Other Deductions, and Income Attribution
- Retirement Savings and Other Special Income Arrangements
- Procedures and administration as they apply to individuals
- Use of Tax Return Software
Learning Activities
Class Lecture &/or on-line, demonstration and discussion.
Means of Assessment
| Assignments &/or Tests |
20% |
| Tax Return Software Assignments |
10% |
| Midterm Examination |
30% |
| Final Examination |
40% |
| |
100% |
STUDENTS MUST WRITE BOTH THE MIDTERM AND FINAL EXAMINATIONS TO RECEIVE CREDIT FOR THE COURSE.
To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.
Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
Learning Outcomes
At the end of the course, the successful student should be able to:
1. Demonstrate the use of tax law and procedures to solve various tax issues;
2. Demonstrate knowledge of special topics pertaining to individual taxation;
3. Understand the structure of the Income Tax Act;
4. Demonstrate how to obtain tax information to solve issues with regard to personal taxation.
5. Demonstrate the use of tax return software for individual tax returns.
Textbook Materials
Clarence Byrd and Ida Chen. Canadian Tax Principles, latest edition, Pearson Education Canada (Also used in ACCT 3470)
OR other textbooks as approved by the Accounting department.
Personal income tax software approved by the department & CRA.
Only Faculty of Commerce and Business approved calculators may be used in examinations.
Optional:
Canadian Income Tax Act, latest edition. (Also used in ACCT 3470)