AC4024 Taxation I

January 30, 2022

Students will become familiar with theoretical concepts and technical rules in the Income Tax Act, specifically those applicable to individual taxpayers, and learn to apply them to the determination of net and taxable income and to the calculation of income taxes payable. Students will use the knowledge acquired to prepare a personal income tax return using tax software. Students will specifically cover the following: By referencing the Income Tax Act, determine net income for tax purposes for all taxpayers as well as the calculation of taxable income and tax payable for individuals. Discuss the administration of the Canada Revenue Agency and describe the filing and tax payment procedures applicable to individuals and trusts. Discuss what constitutes Income or Loss from Office or Employment. Discuss tax credits for individuals used to determine taxable income & taxable payable. Distinguish between depreciation for financial reporting purposes and capital cost allowance for income tax purposes. Calculate Income or Loss from a Business in accordance with the Income Tax Act. Calculate Income from Property in accordance with the Income Tax Act. Calculate Capital Gains and Capital Losses. Identify other sources of income and other deductions used to calculate net income for tax purposes. Discuss provisions for retirement planning contained in the Canadian income tax system. Discuss loss carry-overs and the lifetime capital gains deduction in determining tax payable.

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