AC 260 - Introduction to Taxation

3 Credits

This course is a study of current tax legislation as it relates to individuals. Students gain the knowledge needed to prepare personal income tax returns. Topics include the determination of various income sources, tax deductions, and tax credits used in calculating the tax liability of individuals.

Rationale:

This is a required course for the Accounting Technician certificate students.

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:
Upon successful completion of this course, students will be able 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:

1. Office
2. Employment
3. Business
4. Property
5. Capital gains
6. 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.

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

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.

Attendance

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:

Problems from the text, and as provided by way of 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.

Course Pass Requirements:
A minimum grade of D (50%) (1.00) is required to pass this course. Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.