ACCT 3221: Income Taxation 1
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.
Learning outcomes
- 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 topics
Module 1: Introduction to Federal Taxation in Canada
Module 2: Procedures and Administration
Module 3: Income or Loss From an Office or Employment
Module 4: Capital Cost Allowance
Module 5: Income or Loss From a Business
Module 6: Income or Loss from Property
Module 7: Capital Gains and Capital Losses
Module 8: Other Income, other Deductions, and Other Issues
Module 9: Taxable Income and Tax Payable for Individuals
Required text and materials
Students will receive the following textbook bundle (ISBN-13: 978-0-13-786785-1) that includes access to the publisher’s MyLab companion website.
- Donnell, G. (2023). Byrd and Chen's Canadian tax principles (2022–2023 ed., Vol I). Pearson.
- Donnell, G. (2023). Byrd and Chen's Canadian tax principles (2022–2023 ed., Vol. II). Pearson.
- Donnell, G. (2023). Byrd and Chen's Canadian tax principles study guide (2022 –2023 ed.). Pearson.
Note: The textbook bundle includes Byrd and Chen's Canadian Tax Principles (2022 –2023 ed., Vol. II). Though this is not a required textbook for ACCT 3221, it will be required for ACCT 3231.
Additional requirements
Financial Calculator
Assessments
Please be aware that should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact exams@tru.ca with any questions about this.
To successfully complete this course, students must achieve a passing grade of 50% or higher on the overall course, and 50% or higher on the final mandatory exam.
| Quiz: Modules 1 and 2 | 5% |
| Assignment 1: Modules 3 and 4 | 15% |
| Assignment 2: Modules 5 and 6 | 15% |
| Assignment 3: Modules 7 to 9 | 15% |
| Final Exam (mandatory) | 50% |
| Total | 100% |
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.
