410-531-VA, Taxation
In this course, students will be introduced to taxation with emphasis on the five sections of the Income Tax Act and how these laws and regulations apply in the preparation of personal and business tax returns. The course will deal with the current tax system and students will learn the difference between deductions and non-refundable tax credits. The focus of the course will be on personal tax, and taxation for business income for a sole-proprietorship or partnership. Students will learn to complete both Federal and Quebec tax returns for simple and more complex tax situations, either manually or using a computer software. Tax deferral using RRSP, Capital Gains and Losses and the CCA tables will be demonstrated and tax planning and tax minimization issues will be demonstrated and applied to business and personal tax situations. Students will research tax situations in addition to obtaining the required forms using the government Internet sites. Corporate taxation will be covered in terms of capital cost allowance, reconciliation of accounting income to taxable income, the small business deduction, and taxation by province in which the income is earned.