ACA140 - Taxation

Outline information
Semester
Schools offering this subject
Last revision date 2019-01-18 08:54:44.363
Last review date 2019-01-18 08:54:44.363

Subject Title
Taxation

Subject Description
This course offers an overview of the taxation of personal and corporate incomes of Canadian taxpayers as well as related tax planning and GST implications. It provides a detailed examination of the federal income tax law concerning income of individuals from employment, business and property. The implementation of the law and its effects, and issues in tax planning and other practical matters are explored. Legal interpretations of tax law are examined through practical problems and cases.

It is designed to give a basic understanding of the Income Tax Act and its administration. This is achieved by applying the law to practical problems and cases. Topics covered include administration of the tax system, residence, employment income, business and property income, capital gains, other income and deductions, computation of taxable income and taxes payable for individuals.
 

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see https://media.cpaontario.ca/earn-your-acaf/pdfs/Seneca%20AAF%20Course%20Chart.pdf

'The minimum grade to pass this course is C (60%) and the minimum program GPA to graduate from the Advanced Accounting & Finance program is 60% or C.






 

Learning Outcomes
Upon successful completion of this subject the student will be able to:

Upon successful completion of this subject the student will be able to:
 

  1. Understand the policy objectives and legislative intent of the technical rules in the Income Tax Act (ITA), in Canada, as they apply to individuals and corporations.
  2. Apply Canadian income tax laws and related planning concepts in practical problems and case settings.
  3. Identify key principles, concepts and terminology used in taxation compliance and planning.
  4. Prepare personal and corporate tax returns and identify complex tax issues and options.
  5. Use the Income Tax Act to determine the tax implications of the issues identified.
  6. Explain from a tax planning concept the difference between tax avoidance, tax evasion and tax planning.
  7. Interpret the law, taking into account the specific wording of the latest statutes, and applicable cases; apply the judicial decisions and weigh the position of the Canada Revenue Agency (CRA, with the intentions of the legislation.
  8. Communicate tax issues and tax implications; analyze the alternatives, and make recommendations.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.