Income Tax II

Curriculum Guideline

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Course
ACCT 3470
Discontinued
No
Course Code
ACCT 3470
Descriptive
Income Tax II
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

In 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 corporations, trusts, and partnerships; international taxation for individuals and corporations; tax planning for individuals in relation to corporations; GST/HST and payroll tax. 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. Treatment of Losses, Lifetime Capital Gains Deduction, Alternative Minimum Tax
  2. Taxable Income and Tax Payable for Corporations
  3. Taxation of Corporate Investment Income
  4. Other Issues in Corporate Taxation: acquisition of control, investment tax credits, tax basis shareholder's equity, distribution of corporate surplus
  5. Procedures and Administration as they apply to corporations and trusts
  6. Corporate Taxation and Management Decisions
  7. Rollovers under section 85
  8. Partnerships
  9. Trusts and Estate Planning
  10. International Issues in Taxation
  11. Goods and Services Tax and Harmonized Sales Tax
  12. Payroll remittances as well as Records of Employment
  13. 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 for individuals, corporations, partnerships and trusts;
  2. Demonstrate knowledge of special topics pertaining to individual and corporate taxation;
  3. Understand the structure of the Income Tax Act;
  4. Demonstrate how to obtain tax information to solve issues with regard to personal and corporate taxation;
  5. Understand the law and procedures that relate to GST and HST;
  6. Obtain a basic understanding of international taxation;
  7. Demonstrate the use of tax return software for individual and corporate tax returns.
Means of Assessment
Assignments &/or Tests  20%
Tax Return Software Assignment  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

Required:

Clarence Byrd and Ida Chen.  Canadian Tax Principles, latest edition, Pearson Education Canada. Or other textbooks as approved by department.

OR other textbooks as approved by the Accounting department.

Resources provided by instructor

Corporate tax software as 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 3370) 

Prerequisites

ACCT 3370 with a minimum grade of C

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