Income Tax 1

Curriculum guideline

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Course
ACCT 3370
Discontinued
No
Course code
ACCT 3370
Descriptive
Income Tax 1
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start date
End term
202030
PLAR
No
Semester length
15 weeks X 4 Hrs. per week = 60 Hrs.
Max class size
35
Contact hours
Lecture 4 Hours per week
Method(s) of instruction
Lecture
Online
Hybrid
Learning activities

Class Lecture &/or on-line, demonstration and discussion. 

Course description
This course covers the fundamental principles and concepts of Canadian federal income tax legislation as it applies to individuals. The course emphasizes the understanding of the conceptual structure of the Income Tax Act and equips students with skills in the application of its rules to practical cases including the use of tax return software.
Course content
  1. The Canadian Tax System
  2. Income or Loss from an Office or Employment
  3. Taxable Income and Tax Payable for Individuals
  4. Capital Cost Allowances and Cumulative Eligible Capital
  5. Income or Loss from a Business
  6. Income from Property
  7. Capital Gains and Losses
  8. Other Income, Other Deductions, and Income Attribution
  9. Retirement Savings and Other Special Income Arrangements
  10. Procedures and administration as they apply to individuals
  11. Use of Tax Return Software

 

Learning outcomes

At the end of the course, the successful student should be able to:

 

1. Demonstrate the use of tax law and procedures to solve various tax issues;

2. Demonstrate knowledge of special topics pertaining to individual taxation;

3. Understand the structure of the Income Tax Act;

4. Demonstrate how to obtain tax information to solve issues with regard to personal taxation.

5. Demonstrate the use of tax return software for individual tax returns.

Means of assessment
Assignments &/or Tests   20%
Tax Return Software Assignments   10%
Midterm Examination  30%
Final Examination  40%
  100%

STUDENTS MUST WRITE BOTH THE MIDTERM AND FINAL EXAMINATIONS TO RECEIVE CREDIT FOR THE COURSE.

To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.

 

Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.

Textbook materials

Clarence Byrd and Ida Chen.  Canadian Tax Principles, latest edition, Pearson Education Canada (Also used in ACCT 3470)

OR other textbooks as approved by the Accounting department.

Personal income tax software approved by the department & CRA.

Only Faculty of Commerce and Business approved calculators may be used in examinations.

 

Optional:

Canadian Income Tax Act, latest edition.   (Also used in ACCT 3470)

Prerequisites

ACCT 1210 with a minimum grade of C OR
ACCT 1235 with a minimum grade of C OR
ACCT 3008 with a minimum grade of C OR
crrently active in the PDD Accounting 

Corequisites

Courses listed here must be completed either prior to or simultaneously with this course:

  • No corequisite courses
Equivalencies

Courses listed here are equivalent to this course and cannot be taken for further credit:

  • No equivalency courses
Which prerequisite

ACCT 3470