FSM410 - Personal Financial Planning: Investment and Taxation

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Last revision date Nov 18, 2020 10:38:27 AM
Last review date Nov 18, 2020 10:38:27 AM

Subject Title
Personal Financial Planning: Investment and Taxation

Subject Description
Students will acquire the foundational knowledge about personal income taxation that is expected of financial planners. Students will cultivate an in depth knowledge of the income tax assessment rules for individuals, including the types and taxation of different types of income, available tax deductions and tax credits, and foundational income splitting opportunities, that will aid them in identifying and making financial planning recommendations to individuals.

Credit Status
One Credit

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

  1. Describe the major components of federal and provincial tax legislation, including the types of taxes, tax rates, taxpayers, and relationships that exist under the Canadian Income Tax Act.
  2. Explain the income tax assessment rules for individuals.
  3. Estimate the tax impact to an individual from receiving income, including income commonly received by employees, seniors, students, investors, individuals with a disability, First Nations People, and other Individuals.
  4. Estimate the tax impact to an individual of claiming tax deductions and tax credits.
  5. Estimate the tax impact for an individual associated with disposing of property.
  6. Evaluate the suitability of income splitting methods that involve students, seniors, individuals with a disability, and registered plans.
  7. Complete a T1-General Tax Return for an individual.
  8. Present suitable tax planning recommendations that will help an individual improve their financial situation.

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.

Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

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

Show respect for diverse opinions, values, belief systems, and contributions of others.

Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

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.