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.
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
- 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
- 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.
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.
- Byrd, C., & Chen, I. (2020). Byrd and Chen's Canadian tax principles (2019–2020
ed., Vol. I). Toronto, ON: Pearson.
- Byrd, C., & Chen, I. (2020). Byrd and Chen's Canadian tax principles study guide
(2019–2020 ed.). Toronto, ON: Pearson.
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.
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
|Assignment 1: Modules 3 and 4
|Assignment 2: Modules 5 and 6
|Assignment 3: Modules 7 to 9
|Final Exam (mandatory)
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.