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Income Tax II

Course Code: ACCT 3470
Faculty: Commerce & Business Administration
Department: Accounting
Credits: 3.0
Semester: 15 weeks X 4 Hrs. per week = 60 Hrs.
Learning Format: Lecture, Online, Hybrid
Typically Offered: Fall, Summer, Winter
course overview

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.

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.

course 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

curriculum 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 schedule and availability
course transferability

Below shows how this course and its credits transfer within the BC transfer system. 

A course is considered university-transferable (UT) if it transfers to at least one of the five research universities in British Columbia: University of British Columbia; University of British Columbia-Okanagan; Simon Fraser University; University of Victoria; and the University of Northern British Columbia.

For more information on transfer visit the BC Transfer Guide and BCCAT websites.

assessments

If your course prerequisites indicate that you need an assessment, please see our Assessment page for more information.