Taxation at Death and Estate Planning

Curriculum Guideline

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Course
ACCT 4670
Discontinued
No
Course Code
ACCT 4670
Descriptive
Taxation at Death and Estate Planning
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
202030
PLAR
No
Semester Length
15 weeks
Max Class Size
30
Contact Hours
15 Weeks X 4 Hours per week = 60 Hours
Method(s) Of Instruction
Lecture
Online
Hybrid
Learning Activities

Lectures and/or on-line

Course Description
This course outlines the special taxation rules that arise at death. The course covers income tax compliance as well as estate planning with the intent to minimize tax on the estate of the deceased taxpayer. Reference will be made to latest budgetary pronouncements, legislative changes, new case law and CRA administrative positions.
Course Content

1. Taxation rules at death applicable to the following:

  • Income in Year of Death and Income Deemed to Arise
  • Deemed Disposition of Assets
  • Wills
  • Intestacy
  • Spousal Claims
  • Special Assets
  • Charitable Donations
  • Special Rules and Elections
  • Insurance
  • Valuation Issues
  • Tax Filings, Payments, Assessments
  • Non-Residents
  • Foreign Assets

2. Post-mortem Tax Planning

3. Taxation of Estates

4. Estate Planning Pre-death

Learning Outcomes

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

  1. Calculate the taxation of income arising and deemed to arise in the year of death
  2. Determine the tax treatment of capital property at death
  3. Evaluate the income tax implications of an intestate estate
  4. Analyze issues involved in spousal claims
  5. Analyze special rules and elections applying at death
  6. Determine tax filings, payments, and assessments that may arise as a consequence of death
  7. Analyze the tax implications of death of a non-resident of Canada
  8. Evaluate the tax implications of foreign assets
  9. Evaluate taxation of estates
  10. Create post-mortem tax planning and estate planning pre-death
Means of Assessment
Assignments and Case Analysis 30%
Term Project and Presentation 10%
In-class Participation in Case Analysis             10%
Mid-Term Examination                                           20%
Comprehensive Final Examamination                          30%

Students must write both Mid-Term and Final exams in order to pass 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
Taxation at Death: A Practitioner's Guide. By: Grace Chow and Michael Cadesky. Carswell-Thomson Reuters Canada

Or

Textbook approved by the Accounting Department

Prerequisites

ACCT 3370 with a grade of C or better

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