ACCT 3221
Income Taxation 1

3.0 Credits

Description

Students examine the conceptual structure of the Income Tax Act and the application of its rules to practical situations. Topics include an introduction to federal taxation; procedures and administration; income or loss from office, employment, business, or property; capital cost allowances and cumulative eligible capital; capital gains and losses; other income and deductions; and calculation of taxable income and tax payable for individuals.

Delivery Method

Web-based.

Prerequisites

ACCT 1211/1221 or ACCT 2211; CMNS 1291 are recommended.

Exclusions

ACCT 3221-Income Taxation 1 and ACCT 3260-Taxation for Decision Making

Objectives

After successfully completing this course, students are able to:

  • Describe the general structure of the Canadian income taxation system as it applies to the three taxable entities.
  • Summarize the procedures and administrative requirements imposed by the Canadian Income Tax Act.
  • Explain the basic concepts of employment income.
  • Apply the provisions of the capital cost allowance system.
  • Illustrate the major differences between net business income for tax purposes and net income calculated under Generally Accepted Accounting Principles (GAAP).
  • Discuss the nature of different types of property income and how they are taxed.
  • Demonstrate the general rules for the determination of gains and losses on the disposition of capital assets.
  • Identify the other major other sources of income that are listed under Subdivision "d" of the Income Tax Act.
  • Calculate the taxable income and taxes payable for an individual residing in Canada.

Course Outline

  • Module 1: Introduction to Federal Taxation
  • Module 2: Procedures and Administration
  • Module 3: Income or Loss From an Office or Employment
  • Module 4: Capital Cost Allowances and Cumulative Eligible Capital
  • Module 5: Income or Loss From a Business
  • Module 6: Property Income
  • Module 7: Capital Gains and Losses
  • Module 8: Other Income and Deductions
  • Module 9: Taxable Income and Tax Payable for Individuals

Maximum Completion

30 weeks.

Required Text and Materials

  1. Byrd, C., & Chen, I. Byrd and Chen's Canadian Tax Principles Volume I. 2015-2016 Edition. Toronto, ON: Pearson Canada Inc., 2016.
    Type: Textbook - ISBN: 978-0-13-409611-7
  1. Byrd, C., & Chen, I. Byrd and Chen's Canadian Tax Principle Volume II. 2015-2016 Edition. Toronto, ON: Pearson Canada Inc., 2016.
    Type: Textbook - ISBN:978-0-13-422951-5
  1. Byrd, C., & Chen, I. Byrd and Chen's Canadian Tax Principle Study Guide. 2015-2016 Edition. Toronto, ON: Pearson Canada Inc., 2016.
    Type: Textbook - ISBN: 978-0-13-428401-9

Note: The above textbooks are provided to students as a bundle with an access kit to the companion website: Bundle ISBN: 978-0-13-429584-8

Additional Requirements

A computer with Internet access is required.

Open Learning Faculty Member Information

An Open Learning Faculty Member is available to assist students. Primary communication is through the Learning Environment's "Mail" tool or by phone. Students will receive the necessary contact information when starting the course.

Assessment

In order to successfully complete this course, students must obtain at least 50% on the final mandatory examination and 50% overall.

Quiz: Modules 1 and 2 5%
Assignment 1: Modules 3 and 4 10%
Assignment 2: Modules 5 and 6 10%
Assignment 3: Modules 7 to 9 15%
Final Exam * 60%
Total 100%

* Mandatory