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

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 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 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: 978-0-13-6745105) that includes access to the publisher’s MyLab companion website.

  1. Byrd, C., & Chen, I. (2021). Byrd and Chen's Canadian tax principles (2020–2021 ed., Vol. I). Pearson.
  1. Byrd, C., & Chen, I. (2021). Byrd and Chen's Canadian tax principles (2020–2021 ed., Vol. II). Pearson.
  1. Byrd, C., & Chen, I. (2021). Byrd and Chen's Canadian tax principles study guide (2020–2021 ed.). Pearson.

Note: The textbook bundle includes Byrd and Chen's Canadian Tax Principles (2020–2021 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 due to COVID-19 safety guidelines all in-person exams have been suspended. As such, all final exams are currently being delivered through ProctorU, which has an approximate fee of $35 involved. There will be more information in your course shell, on how to apply, if your course has a final exam.

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

An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of your course.

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