Curriculum Guideline

Income Tax II

Effective Date:
Course
Discontinued
No
Course Code
ACCT 3470
Descriptive
Income Tax II
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
201620
PLAR
No
Semester Length
15 weeks X 4 Hrs. per week = 60 Hrs.
Max Class Size
35
Contact Hours
Lecture 4 Hours per week
Method Of Instruction
Lecture
Methods Of Instruction

Lecture, demonstration and discussion. 

Course Description
This course covers the fundamental principles and concepts of Canadian federal income tax legislation as it applies to corporations, trusts, and partnerships; international taxation for individuals and corporations; tax planning for individuals in relation to corporations; and GST/HST. The course emphasizes the understanding of the conceptual structure of the Income Tax Act and equips students with skills in the application of its rules to practical cases including the use of tax return software. Students who plan to transfer to the CGA program are advised that there is a five-year time limit for transfer of ACCT 3370 and ACCT 3470 to CGA TX1.
Course Content
  1. Treatment of Losses, Lifetime Capital Gains Deduction, Alternative Minimum Tax
  2. Taxable Income and Tax Payable for Corporations
  3. Taxation of Corporate Investment Income
  4. Other Issues in Corporate Taxation: acquisition of control, investment tax credits, tax basis shareholder's equity, distribution of corporate surplus
  5. Procedures and Administration as they apply to corporations and trusts
  6. Corporate Taxation and Management Decisions
  7. Rollovers under section 85
  8. Partnerships
  9. Trusts and Estate Planning
  10. International Issues in Taxation
  11. Goods and Services Tax and Harmonized Sales Tax
  12. Use of Tax Return Software
Learning Outcomes

At the end of the course, the successful student should be able to:

  1. Demonstrate the use of tax law and procedures to solve various tax issues for individuals, corporations, partnerships and trusts;
  2. Demonstrate knowledge of special topics pertaining to individual and corporate taxation;
  3. Understand the structure of the Income Tax Act;
  4. Demonstrate how to obtain tax information to solve issues with regard to personal and corporate taxation;
  5. Understand the law and procedures that relate to GST and HST;
  6. Obtain a basic understanding of international taxation;
  7. Demonstrate the use of tax return software for individual and corporate tax returns.
Means of Assessment
Assignments (minimum of 2)  10%
Tax Return Software Assignments (minimum of 2)  10%
Midterm Examination  40%
Final Examination  40%
  100%
Textbook Materials

Required:

Clarence Byrd and Ida Chen.  Canadian Tax Principles, latest edition, Pearson Education Canada. Or other textbooks as approved by department.

Only Faculty of Commerce and Business approved calculators may be used in examinations.

Optional:

Canadian Income Tax Act 

Prerequisites
(ACCT 3310 with a minimum grade of C OR
ACCT 3410 with a minimum grade of C) AND 
ACCT 3370 with a minimum grade of C

(ACCT 3310 with a minimum grade of C OR ACCT 3410 with a minimum grade of C) AND ACCT 3370 with a minimum grade of C