BMT644 - Business Finance Taxation

Outline information
Semester
Schools offering this subject
Last revision date Sep 30, 2019 12:55:07 AM
Last review date Dec 2, 2019 12:15:23 AM

Subject Title
Business Finance Taxation

Subject Description
The purpose of this course is to provide students with an understanding of the principles and applications of Canadian taxes on individuals and corporations.  For determining income tax on individuals, students analyze various sources of income subject to tax, relevant tax deductions, tax rate structures, and available tax credits.  For corporate income tax, students analyze the various types of corporations, the tax rates and tax credits applicable, corporate distributions and corporate reorganizations. Tax planning and tax strategies are emphasized.  The Harmonized Sales Tax is reviewed.

Students analyze cases and prepare the applicable tax returns, manually and using tax software.

Credit Status
One credit.

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

  1. Define and discuss relevant sections of the Income Tax Act as they relate to the taxation of Canadian residents.
  2. Apply and consider individual income tax legislation in various situations, for example as an employee, as an investor, as a property owner, as a sole proprietor / self-employed person, and as the major shareholder of a corporation.
  3. Complete the individual T1 Income Tax return, manually and using a computer tax programme.
  4. Identify and explain issues arising from the submission of individual income tax returns.
  5. Discuss the tax treatment of the most common methods of employee compensation and examine the impact of those methods on costs (to the employer) and value (to the employee)
  6. Determine whether a small business should incorporate for tax purposes.
  7. Determine the tax payable by corporations.
  8. Evaluate methods for the distribution of corporate surpluses.
  9. Complete the corporation T2 Tax return for a CCPC (Canadian-Controlled Private Corporation), manually and using a computer tax programme.
  10. Compute the HST liabilities or refunds for various small businesses and complete their HST return.
  11. Discuss and answer questions relating to tax planning for individuals and corporations.

Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Apply a systematic approach to solve problems.

Analyze, evaluate, and apply relevant information from a variety of sources.

Manage the use of time and other resources to complete projects.

Take responsibility for one's own actions, decisions, and consequences.

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.