Income Tax II

Faculty
Commerce & Business Administration
Department
Accounting
Course Code
ACCT 3470
Credits
3.00
Semester Length
15 weeks X 4 Hrs. per week = 60 Hrs.
Max Class Size
35
Method Of Instruction
Lecture
Online
Hybrid
Typically Offered
Fall
Summer
Winter

Overview

Course Description
This course covers the fundamental principles and concepts of Canadian federal income tax legislation as it applies to corporations, trusts, and partnerships; international taxation for individuals and corporations; tax planning for individuals in relation to corporations; GST/HST and payroll tax. 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
  1. Treatment of Losses, Lifetime Capital Gains Deduction, Alternative Minimum Tax
  2. Taxable Income and Tax Payable for Corporations
  3. Taxation of Corporate Investment Income
  4. Other Issues in Corporate Taxation: acquisition of control, investment tax credits, tax basis shareholder's equity, distribution of corporate surplus
  5. Procedures and Administration as they apply to corporations and trusts
  6. Corporate Taxation and Management Decisions
  7. Rollovers under section 85
  8. Partnerships
  9. Trusts and Estate Planning
  10. International Issues in Taxation
  11. Goods and Services Tax and Harmonized Sales Tax
  12. Payroll remittances as well as Records of Employment
  13. Use of Tax Return Software
Methods Of Instruction

In class lecture &/or on-line, demonstration and discussion. 

Means of Assessment
Assignments &/or Tests  20%
Tax Return Software Assignment  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 for individuals, corporations, partnerships and trusts;
  2. Demonstrate knowledge of special topics pertaining to individual and corporate taxation;
  3. Understand the structure of the Income Tax Act;
  4. Demonstrate how to obtain tax information to solve issues with regard to personal and corporate taxation;
  5. Understand the law and procedures that relate to GST and HST;
  6. Obtain a basic understanding of international taxation;
  7. Demonstrate the use of tax return software for individual and corporate tax returns.
Textbook Materials

Required:

Clarence Byrd and Ida Chen.  Canadian Tax Principles, latest edition, Pearson Education Canada. Or other textbooks as approved by department.

OR other textbooks as approved by the Accounting department.

Resources provided by instructor

Corporate tax software as 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 3370) 

Requisites

Prerequisites

ACCT 3370 with a minimum grade of C

Corequisites

Courses listed here must be completed either prior to or simultaneously with this course:

  • No corequisite courses

Equivalencies

Courses listed here are equivalent to this course and cannot be taken for further credit:

  • No equivalency courses

Course Guidelines

Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester / year of the course, consider the previous version as the applicable version.

Course Transfers

Institution Transfer Details Effective Dates
Acsenda School of Management (ASM) ASM ACCT 3XX (3) 2013/09/01 to -
Athabasca University (AU) AU TAXX 401 (3) 2013/09/01 to -
Camosun College (CAMO) CAMO ACCT 375 (3) 2021/09/01 to -
Capilano University (CAPU) DOUG ACCT 3370 (3) & DOUG ACCT 3470 (3) = CAPU BFIN 351 (3) & CAPU BFIN 3XX (3) 2013/09/01 to -
College of the Rockies (COTR) COTR ACCT 364 (3) 2013/09/01 to -
Kwantlen Polytechnic University (KPU) DOUG ACCT 3370 (3) & DOUG ACCT 3470 (3) = KPU ACCT 3335 (3) 2004/09/01 to -
Langara College (LANG) LANG FMGT 4225 (3) 2012/01/01 to -
North Island College (NIC) NIC BUS 323 (3) 2018/01/01 to -
Simon Fraser University (SFU) No credit 2005/01/01 to 2010/08/31
Simon Fraser University (SFU) SFU BUS 2XX (3) 2010/09/01 to -
Thompson Rivers University (TRU) TRU BBUS 3230 (3) 2011/09/01 to -
University Canada West (UCW) UCW ACCT 303 (3) 2013/09/01 to -
University of British Columbia - Okanagan (UBCO) DOUG ACCT 3370 (3) & DOUG ACCT 3470 (3) = UBCO MGMT 2nd (3) 2011/09/01 to -
University of British Columbia - Vancouver (UBCV) UBCV COMM 2nd (3) 2011/09/01 to 2013/08/31
University of British Columbia - Vancouver (UBCV) DOUG ACCT 3370 (3) & DOUG ACCT 3470 (3) = UBCV COMM 355 (3) 2013/09/01 to -
University of British Columbia - Vancouver (UBCV) DOUG ACCT 3370 (3) & DOUG ACCT 3470 (3) = UBCV COMM 2nd (3) 2004/09/01 to 2011/08/31
University of Northern BC (UNBC) UNBC COMM 2XX (3) 2005/01/01 to 2011/08/31
University of Northern BC (UNBC) UNBC COMM 314 (3) 2011/09/01 to -
University of the Fraser Valley (UFV) UFV BUS 346 (3) 2005/01/01 to -
University of Victoria (UVIC) UVIC COM 425 (1.5) 2013/09/01 to -
University of Victoria (UVIC) UVIC COM 425 (1.5) 2005/01/01 to 2011/08/31
University of Victoria (UVIC) DOUG ACCT 3370 (3) & DOUG ACCT 3470 (3) = UVIC COM 425 (1.5) 2011/09/01 to 2013/08/31
Vancouver Island University (VIU) VIU ACCT 317 (3) 2020/09/01 to -

Course Offerings

Fall 2021

There aren't any scheduled upcoming offerings for this course.