ACCT 3231
Income Taxation 2

3.0 Credits

Description

Building on ACCT 3221: Income Taxation 1, students examine the taxation of corporations, corporate distributions, and transactions between corporations and their shareholders. Topics include an in-depth coverage of taxable capital gains; deferred income plans; and the taxation of corporate entities, partnerships, trusts and corporate reorganizations.

Delivery Method

Web-based.

Prerequisites

There are no prerequisites for this course.

Recommended Requisites: ACCT 3221: Income Taxation 1

Exclusion Requisites: ACCT 3230: Income Taxation 2

Objectives

After successfully completing this course, students will be able to accomplish the following:

  • Apply the income tax provisions for the determination of gains and losses on the disposition of capital assets.
  • Evaluate the various deferred income plans available to Canadians and how these plans can be used for retirement, education or general wealth building purposes.
  • Calculate the net income, taxable income and taxes payable for a corporate entity.
  • Demonstrate how corporate entities are taxed on their investment income.
  • Interpret the technical corporate taxation issues involving the acquisition of control, association rules, investment tax credits, paid-up-capital and distribution of corporate surpluses.
  • Explain how a corporation can be used to reduce taxes, defer taxes, and facilitate income splitting.
  • Quantify the income of a partnership for tax purposes and allocate this income to partners.
  • Explain the taxation of the different types of trusts and how they can be successfully used for estate planning purposes.
  • Identify the major provisions of Section 85 rollovers under the Canadian Income Tax Act and other rollover provisions affecting corporations, partnerships and trusts.

Course Outline

  • Module 1: Introduction
  • Module 2: Capital Gains and Capital Losses
  • Module 3: Retirement Savings and Other Special Income Arrangements
  • Module 4: Taxable Income and Tax Payable for Corporations
  • Module 5: Taxation of Corporate Investment Income
  • Module 6: Other Issues in Corporate Taxation
  • Module 7: Corporate Taxation and Management Decisions
  • Module 8: Partnerships
  • Module 9: Trusts and Estate Planning
  • Module 10: Rollovers under Section 85

Maximum Completion

30 weeks.

Required Text and Materials

This is a companion course to ACCT 3221. The materials listed below would have been purchased when you enrolled in ACCT 3221. If you did not take ACCT 3221 and don't already own the required materials, please be aware that you will need to purchase them. To do so, please contact Student Services at: 1.800.663.9711 (toll-free in Canada), 250.852.7000 (Kamloops, BC), or 1.250.852.7000 (International).

  1. Byrd, C., & Chen, I. Byrd and Chen's Canadian Tax Principle Volume I. 2015-2016 Edition. Toronto, ON: Pearson Prentice Hall, 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 Prentice Hall, 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 Prentice Hall, 2016.
    Type: Textbook, ISBN: 978-0-13-428401-9

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.

Students access the required FITAC and ProFile software free of charge via the publisher's website.

Please note: Intuit's ProFile software requires Windows 7, 8, or 10, and it is not compatible with Apple OS."

Additional Requirements

A computer with Internet access is required.

A financial calculator is required.

Excel software is strongly recommended.

Open Learning Faculty Member Information

An Open Learning Faculty Member is available to assist students throughout the course. Primary communication is through the Learning Management System's "Mail" tool or by phone. Students will receive the necessary contact information when they start their course.

Assessment

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

Assignment 1: Modules 1 to 3 10%
Quiz 1: Modules 4 to 5 8%
Quiz 2: Modules 6 to 7 8%
Assignment 2: Modules 8 to 10 14%
Final Exam * 60%
Total 100%

* Mandatory