OBJECTIVES
Explain the theoretical concepts behind the specific provisions of federal income tax law, particularly as it applies to Canadian corporations.
Apply the federal income tax law in practical problems.
Interpret the federal income tax law, taking into account the specific wording of the provisions, judicial decisions, and
Revenue Canada's position.
Introduce basic tax planning concepts through problem application.
The course covers the material expected of a management accountant, including tax matters affecting corporations, their employees, and their shareholders. As such it covers the tax syllabus for the CMA
Entrance exam. In addition, it covers about 60% of the tax syllabus for the CA
Uniform Final Examination, specifically:
Computation of income from employment,
business, and
property
(Part I, Division B, subdivisions a and b, and Part XVII)
Computation of income and capital gains for corporate taxpayers (Part I, Division B, subdivisions c and f)
Computation of taxable income (Part I, Division C)
Partial coverage of computation of tax for individuals (Sections 117, 118(1), 118.1, 118.7, 121, and 180.1)
Computation of tax for corporations (Part I, Division E, subdivision b, and section 129, and Part IV)
EVALUATION
The student's achievement of the objectives will be evaluated in a mid-term and a final exam and on class and home work.
The exams will present fact situations in which the student will be required to identify potential tax problems and
opportunities and to resolve these situations by reference to the Income Tax Act and the relevant common law.
Class and home work performance evaluation will be based on presenting assigned problem material. The classroom performance component of the total mark for the course is an integral part of that mark and will not be waived.
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