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
- Treatment of Losses, Lifetime Capital Gains Deduction, Alternative Minimum Tax
- Taxable Income and Tax Payable for Corporations
- Taxation of Corporate Investment Income
- Other Issues in Corporate Taxation: acquisition of control, investment tax credits, tax basis shareholder's equity, distribution of corporate surplus
- Procedures and Administration as they apply to corporations and trusts
- Corporate Taxation and Management Decisions
- Rollovers under section 85
- Partnerships
- Trusts and Estate Planning
- International Issues in Taxation
- Goods and Services Tax and Harmonized Sales Tax
- Payroll remittances as well as Records of Employment
- 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:
- Demonstrate the use of tax law and procedures to solve various tax issues for individuals, corporations, partnerships and trusts;
- Demonstrate knowledge of special topics pertaining to individual and corporate taxation;
- Understand the structure of the Income Tax Act;
- Demonstrate how to obtain tax information to solve issues with regard to personal and corporate taxation;
- Understand the law and procedures that relate to GST and HST;
- Obtain a basic understanding of international taxation;
- 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:
Equivalencies
Courses listed here are equivalent to this course and cannot be taken for further credit:
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 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.