EBM630 - Taxation for Entrepreneurs

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Last revision date Sep 24, 2018 1:24:40 AM
Last review date Nov 27, 2018 1:07:02 PM

Subject Title
Taxation for Entrepreneurs

Subject Description
This subject will give the entrepreneur a greater awareness of some of the principles and concepts of the Income Tax Act and related statutes.  Particular emphasis will be placed on self-employed income as well as the expenses and taxes payable by a small business owner.  Some of the topics to be discussed will include personal taxation, corporate taxation, and the Harmonized Sales Tax (HST).

Credit Status
One credit.

Note: This is a required credit course for BAS - Entrepreneurial and Small Business Management Specialization and a Professional Option for the Business Administration Program.

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

  1. Explain key components of personal income tax including total, net and taxable income, deductions, and credits.
  2. Calculate a student tax return using personal income tax software.
  3. Apply current income tax legislation and tax planning strategies for a sole proprietor, a partner, and an owner of a corporation dealing with situations such as those involving:
    • a home-based business;
    • capital cost allowance (CCA);
    • rental income;
    • capital gains and losses;
    • income from draws, salary, and dividends; and
    • deductions and remittances for Income Tax (IT), Employment Insurance (EI) and Canada Pension Plan (CPP).
  4. Determine whether a small business should incorporate from a taxation perspective.
  5. Discuss key components of the corporation tax return of a private corporation.
  6. Compute the HST liabilities or refunds for various small businesses and complete their HST returns.

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.

Use a variety of thinking skills to anticipate and 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.

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.