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.

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 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: 9780135762547) that includes access to the publisher’s MyLab companion website.

  1. Byrd, C., & Chen, I. (2020). Byrd and Chen's Canadian tax principles (2019–2020 ed., Vol. I). Toronto, ON: Pearson.
    ISBN: 9780135762486
  1. Byrd, C., & Chen, I. (2020). Byrd and Chen's Canadian tax principles study guide (2019–2020 ed.). Toronto, ON: Pearson.
    ISBN: 9780135762370

Note: The textbook bundle also includes Byrd and Chen's Canadian Tax Principles (2019–2020 ed., Vol. II). Though this is not a required textbook for ACCT 3221, it will be required for ACCT 3231.

Assessments

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 10%
Assignment 2: Modules 5 and 6 10%
Assignment 3: Modules 7 to 9 15%
Final Exam (mandatory) 60%
Total 100%

Open Learning Faculty Member

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.

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