AC 260 - Introduction to Taxation

The graduate working in the accounting field must have a thorough knowledge of personal taxation matters, be able to advise as to the taxation implications of personal financial management decisions and accurately prepare personal tax returns.

Credit transfer has been negotiated with the Canadian Institute of Bookkeeping.

Prerequisites: AC 130  
Corequisites: None

Course Learning Outcomes:
A student who successfully completes the course will have reliably demonstrated the ability to

1.Assess the taxation status of individuals.

2.Recognize, determine the differences between, and ascertain the amount of income/loss from the following sources:

a)Office

b)Employment

c)Business

d)Property

e)Capital gains

f)Miscellaneous sources

3.Recognize, determine the difference between, and ascertain amounts available to the taxpayer in terms of tax deductions and tax credits.

4.Summarize in the form of a personal tax return, an individual’s income for tax purposes, taxable income, and tax liability within a variety of settings.

Required Resource Materials:
Buckwold Kitunen Roman Iqbal.  (2023-2024 Edition, 26e).  Canadian Income Taxation Planning and Decision Making.  McGraw-Hill Ryerson.

Instructor class notes.

Optional Resource Materials:
None

Conduct of Course:
The student should come to class prepared to discuss the topic at hand. This requires familiarity with the content of the topic to be discussed in class by pre-reading the required material as set out in the course schedule or as assigned by the instructor.

Lab assignments are required to be handed in as ser out by the individual instructor.

Class time is comprised of a combination of interrelated lectures and work sessions supplemented with handout materials, use of white boards, overheads, and other media as deemed appropriate. Students are encouraged to participate in discussions and in clarifying topical material.

Regular attendance is essential for success in any course. Absence for any reason does not relieve a student of the responsibility of completing course work and assignments to the satisfaction of the instructor. Poor attendance may result in the termination of a student from a course(s).

If you do not meet the established attendance requirements, your instructor will recommend that the Registrar withdraw you from the course. A failing grade of RW (Required to Withdraw) will appear on your transcript.

In cases of repeated absences due to illness, the student may be requested to submit a medical certificate.

Instructors have the authority to require attendance at classes.

Content of Course:

1. Taxation - Its Role in Decision Making
2. Fundamentals of Tax Planning
3. Liability for Tax, Income Determination, and Administration
4. Income from Employment
5. Income from Business
6. The Acquisition, Use, and Disposal of Depreciable Property
7. Income from Property
8. Gains and Losses on the Disposition of Capital Property - Capital Gains
9. Other Income, Other Deductions, and Special Rules for Completing Net Income for Tax Purposes
10. Individuals - Determination of Taxable Incomes and Taxes Payable

Problems from the text, and as provided by handouts, as assigned and/or supplied by the instructor
Course Assessments:
Students are tested on materials from readings, hand-outs and assigned problems.

A final grade is determined in the following manner:

Any changes to evaluation methods described above will be discussed in class.

• Official final grades will be available on My Lakeland. Grades posted in D2L should be considered interim grades.  
• “Lakeland College is committed to the highest academic standards. Students are expected to be familiar with Lakeland College policies and to abide by these policies. Violations of these policies are considered to be serious and may result in suspension or expulsion from the College.”  

Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.

Every effort has been made to ensure that information in this course outline is accurate at the time of publication. Lakeland College reserves the right to change courses if it becomes necessary so that course content remains relevant.

In such cases, the instructor will give students clear and timely notice of changes.

No part of this course outline may be reproduced in any form or resold without written permission from Lakeland College.

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