ACC540 - Personal Taxation - Define and discuss relevant sections of the Income Tax Act as they relate to the taxation of Canadian residents.

ACC540 - Personal Taxation

Subject Title 
Personal Taxation

Subject Description 
The purpose of this subject is to provide Accounting and Finance students with a good working knowledge of the current provisions of the Canadian Income Tax Act as it applies to individuals including tax planning.

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

1. Define and discuss relevant sections of the Income Tax Act as they relate to the taxation of Canadian residents.

2. Examine management`s role and approach to taxation and the integration of tax planning into the business decision process.

3. Determine income and tax liability of individuals and complete the individual T1 Income Tax return.

4. Identify and explain issues arising from the submission of individual income tax returns.

5. Apply the general rules and discuss tax planning issues concerning the acquisition, use and disposal of appreciable and non-appreciable property.

6. Examine the relationship between corporations and their shareholders.

7. Discuss the tax treatment of the most common methods of employee compensation and examine the impact of those methods on costs (to the employer) and value (to the employee).

8. Discuss and answer questions relating to tax planning for individuals.

9. Deal with issues arising from the Goods and Services Tax (an overview only)