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
Not Specified
PLAR
No
Semester length
15 Weeks
Max class size
30
Course designation
None
Industry designation
None
Contact hours

Lecture and/or Seminar: 1 X 3 hours per week OR 2 X 2hrs per week

Method(s) of instruction
Lecture
Seminar
Learning activities

Lectures, seminars and case analysis. All methods of instruction apply to in class, hybrid and/or online modes of learning.

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

Evaluation will be carried out in accordance with the Douglas College Evaluation Policy.

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%
Total 100%

Students must write both the midterm examinations and the final examinations to pass the course.

Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.

Textbook materials

Taxation at Death: A Practitioner's Guide. By: Grace Chow and Michael Cadesky. Carswell-Thomson Reuters Canada

OR other textbooks as approved by the Accounting department.

Prerequisites

ACCT 3370