ACA240 - Applied Personal and Corporate Taxation - EPT

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Last revision date Mar 18, 2019 8:40:39 AM
Last review date Mar 18, 2019 8:40:50 AM

Subject Title
Applied Personal and Corporate Taxation - EPT

Subject Description
Applied Personal and Corporate Taxation emphasizes the application of personal and corporate tax concepts in the preparation of tax returns for individual and corporate clients.  The purpose of this course is to produce a mid-level accountant with tax skills who is able to function in environments of low to mid-level complexity with low levels of uncertainty.  The course will focus on applied knowledge, using authentic business scenarios that require students to demonstrate the application of technical knowledge.   Excel and other applications such as ProFile tax software will be integrated in the course material and in assessments to help develop the accounting and other practical skills needed in the marketplace, and workplace skills (communication, managing and analyzing information, solving routine problems and effectively promoting personal management and teamwork) are emphasized.

Credit Status
One Credit

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:

  1. Explain and identify the major ethical issues that are likely to arise when preparing income taxes and remittances.
  2. Describe the steps in computing income for tax purposes for various types of income using the source concept.
  3. Calculate net income for tax purposes for a business and explain why the adjustments to accounting net income are required.
  4. Determine taxable income and taxes payable for individuals and corporations utilizing Excel and tax preparation software.
  5. Explain the principles of integration underlying the taxation of aggregate investment income for corporations.
  6. Demonstrate an understanding of the basics of various tax relationships and the implication of being related, associated, connected, and affiliated companies.
  7. Evaluate the tax advantages and disadvantages of incorporating a business and justify the decision to incorporate or not.
  8. Demonstrate an understanding of organizational remittance requirements for GST/HST including registration, filing returns, input tax credits, charging the tax, and rebates.
  9. Calculate and report government and third-party remittances (CPP, EI, WCB, taxes) including the completion of a Record of Employment.

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