Course Description

 

This advanced tax course will introduce the student to the following concepts:  tax avoidance, evasion, who is taxable and income and deductions from:  employment income, business and property income; capital gains and capital cost allowance.

 

2)         Rationale

 

The purpose of this course is to introduce the student to the concept of who is taxable and the kinds of income at the personal and corporate levels.

 

3)         Prior Learning Assessment Statement

 

This course is eligible for Prior Learning Assessment:

 

þ  Yes                                    q  No

 

Please contact the Prior Learning Assessment Co-ordinator in the Counselling Department.

 

4)         Learning Outcomes

 

Upon successful completion of this course, the learner will be able to

 

1. Demonstrate the ability to complete a T1 General and a T2 return for all kinds of income and deductions and all related schedules.
2. Demonstrate the ability to understand the Income Tax Act and to read same.

 

5)         Primary Resources

 

—       Guides from Revenue Canada

—       Byrd, Canadian Tax Principles.  Prentice Hall, 2000

 

6)         Supplemental Resources

 

None

 

7)         Special Equipment or Supplies

 

Pocket calculator.

 

8)         Methodology (Teaching/Learning

 

This course will consist of lectures to explain the concepts and principles of taxation and the working of detailed tax problems.

 

9)         Special Requirements

 

None

 

10)       Student Evaluation

 

A grade of D is the passing grade for this course.  Some programs, however, may require a higher grade to progress through or graduation from the program.  Students should check the program requirements for their particular program.

 

There will be 3 tests at weeks 4, 11, and 15.  Marks will be assigned grades as follows:  The first 2 tests will be 30% each.  The last test will be worth 40%.

 

 

Plagiarism is a serious academic offence subject to disciplinary action as described in the Lambton College policy Students’ Rights and Responsibilities:  Cheating Policy.  Plagiarism means representing the work of others as one’s own and is an act of academic dishonesty.  Plagiarism includes:

 

• Submitting as one’s own work material which was wholly or in part written by someone else
• Failing to give proper credit for information retrieved from print and electronic sources
• Presenting the ideas of others as if the ideas were new and original
• Downloading material from the Internet and presenting this information without giving proper credit

 

To avoid plagiarism, learn how to incorporate material appropriately in your writing and provide proper documentation

 

 

11)       Unit Objectives

 

1)         Upon successful completion of this section the learner will be able to define or apply to a detailed problem

 

1.1    the legislative, executive, judicial and income tax process

1.2    tax avoidance and evasion

1.3    who is taxable — for persons, companies, trusts, and partnerships

1.4    exempt entities

1.5    meaning of income and exempt income

1.6    office or employment income

1.7    employee benefits — when taxable

1.8    types of deductions from employment income

 

2)         Upon successful completion of this section the learner will be able to define or apply to a detailed problem

 

2.1    business income versus property income and capital gains

2.2    accounting methods, non-arm’s length transactions, blended payment

2.3    unreasonable expenses, capital expenditures versus repairs

 

3)         Upon successful completion of this section the learner will be able to define or apply to a detailed problem

 

3.1    reserves and other limitations

3.2    interest, kinds and when allowable

3.3    capital cost allowance, classes of property

 

3.4    buildings over $50.000, transfers between classes

3.5    leaseholds, patents, franchises, concessions, and licenses

3.6    eligible capital property, goodwill

3.7    capital gains (losses) on personal-use property, listed personal property and    all other capital properties

3.8    principal residence

3.9    transitional rules