BUSI 5906B Special Topics in Taxation Summer 2015

Transcription

1 USI 5906 Special Topics in Taxation Summer OURSE OORDINATOR AND INSTRUTOR Associate Professor François ROUARD, DA, FPA, FA (instructor and course coordinator) Sprott School of usiness, arleton University, Room 1725, Dunton Tower Phone (613) , ext DESRIPTION This course (0.25 credit) will provide students e required topical requirements for Taxation required as a prerequisite to e MAcc program. Prerequite(s): Permission of e School 3.0 OURSE OVERVIEW AND OJETIVES There are two undergraduate taxation courses in e Sprott School of usiness. The focus of USI3005 (Taxation I) is on fundamental principles and personal income tax. The focus of USI4005 (Taxation II) is on corporate income tax and some specialized topics. The two taxation courses are designed to achieve e following objectives: (1) to explain e eoretical concepts behind e specific provisions of e law, (2) to apply e law in practical problems and case settings, (3) to interpret e law, taking into account e specific wording of e provisions, judicial decisions and e anada Revenue Agency s (RA) position, and (4) to introduce basic tax planning concepts rough cases application. Due to PA requirements and courses content varying from one university to anoer, some students may be missing some of e prerequisites. This course is designed to provide an opportunity to students to gain e background knowledge in anadian taxation to be successful in e MAcc. The content depend on each student needs. arleton University - Summer USI Special Topics in Taxation - April 4, / 5

2 4.0 METHOD OF INSTRUTION AND PREPARATION Taxation in e Master of Accounting (MAcc) program will be specifically covered in AT5120 (Advanced oncepts I (core 1)) and AT5123 (Advanced Taxation) plus integration in oer courses. All students should have e minimum PA entry level before entering e MAcc program. If some topics were not covered in sufficient dep in your previous taxation courses, additional preparation is needed. Under e guidance of e professor, e student is expected to read independently a selection of chapters in missing knowledge and to prepare problems about a selection of topics. It is e responsibility of each student to prepare adequately for eir independent self-study. The Table A provides a summary of undergraduate taxation coverage at Sprott and topics included in each course. 5.0 GRADING SHEME Each component in e course will be weighted as follows: Discussions 5 Plan 25 Summary / Problems / ases 60 Report on learning 10 TOTAL 100 Your performance in e course will be evaluated as follows: Above expectations A-, A, A+ Meeting expectations -,, + (- is e minimum grade required for e successful completion of is course.) elow expectations -,, +, D-, D, D+ Fail F 5.1 Plan: Student will submit a plan to explain e gap between eir taxation coverage and eir learning needs to reach at least e PA Entry Level and ideally e same level as e Sprott students wi two taxation courses. The plan will also include required readings and suggest some problems / cases to prepare and a timeframe. 5.2 Summary / Problems / ases: Student will submit evidence of preparation (summary or readings / problems solutions / cases solutions) on some selected topics to meet eir learning needs. 5.3 Report on learning: Student will submit a report on how ey fill e gap regarding eir learning needs, including required readings and to suggest some problems / cases to prepare. arleton University - Summer USI Special Topics in Taxation - April 4, / 5

3 6.0 OURSE MATERIAL asic material: - eam, R.E., Laiken, S.N., arnett, J.J. Introduction to Federal Income Taxation in anada, ed., Toronto: H. (sold as a package). (ISN ) and Study Guide (ISN ) (new yearly edition available in August) - anadian Income Tax Act wi Regulations, last edition. Options: - Federal Income Tax Act, 12 ed., IA, May [FITA] (annually) (ISN ) - anadian Income Tax Act wi Regulations, 99 ed., H, Spring [ITA] (bi-annually) (ISN - Practitioner s Income Tax Act, 47 ed., arswell, [PITA] (bi-annually) (ISN ) Additional textbook (if needed): - yrd,., hen, I. anadian Tax Principles, ed., Toronto: Pearson. (sold as a package). (vol. I - ISN ; vol. II (chapter 21 for GST topic) - ISN ) ; and Study Guide (ISN )) Additional material: Additional cases and notes may be available from e professor. Additional material, if any, will be posted in culearn for e course. arleton University - Summer USI Special Topics in Taxation - April 4, / 5

4 USI SPEIAL TOPIS IN TAXATION SUMMARY OF SHEDULE - Summer 2015 Date Work to do (in addition to readings and problems / cases preparation) D1 D2 D3 D4 D5 D6 D7 D8 D9 D10 Discussion (in-person or via skype) and explanations about e expectations As a minimum, students should master at least e PA Entry Level for each topic. For topics at e level, minimum requirements for selfstudy is to read independently a selection of chapters and prepare notes to summarize e key points. For topics at e level, minimum requirements for selfstudy is to read independently a selection of chapters and prepare notes to summarize e key points and to prepare a selection of problems / cases about ose topics. Submission of plan Tables would be a good way to present e plan. Table 1 would compare for each topic of taxation knowledge (see table A) e knowledge already acquired (ex: previous tax courses) and learning needs per topic to fill e gap. Table 2 will present an action plan for each topic identified wi learning needs: readings, problems / cases, dates of submission for topics identified. Submission of Summary / Problem / ase A Submission of Summary / Problem / ase Submission of Summary / Problem / ase Discussion (in-person or via skype) Submission of Summary / Problem / ase D Submission of Summary / Problem / ase E Submission of Summary / Problem / ase F Submission of report on learning arleton University - Summer USI Special Topics in Taxation - April 4, / 5

5 TALE A - SUMMARY OF UNDERGRADUATE TAXATION OVERAGE AT SPROTT Weeks Topics USI 3005 hapters USI 4005 hapters PA Entry Level 1 Introduction to anadian Tax System 1 1 Tax Policy and Legislation Principles of Tax Planning Liability for Tax / Residency Net Income for Individuals 2 1 Procedures and Adm inistration 14, 1 ½ Income from an Office or Employment 3 2 Income from a usiness apital ost Allowance and um ulative Eligible apital 1 Incom e from Property Oer Incom e and Oer Deductions ½ apital Gains and apital Losses 7, 8 1 Deferred Incom e Plans Non arm s leng transactions Incom e attribution Taxable Incom e and Tax Payable for Individuals 10 3 Net Income for orporations Taxable Incom e and Tax Payable for orporations orporate Tax om ponents 11, 12 ½ oncept of Integration and Eligible Dividends 12 ½ Associated, Related, onnected and Affiliated orporations 12 1 Tax Planning e Use of a orporation Tax Planning - Shareholder- Manager Rem uneration GAAR 13 1 orporate Distributions 15 2 ½ ½ orporate Reorganizations Sale / Purchase of a usiness Estate Freeze 15, 16, Harm onized Sales Tax (HST) various 1 Partnerships and Trusts 18 1 Tax Planning Note: - The weeks column represents e number of weeks related to each topic (12 weeks for each course). - The topics column refers o e titles in e Sprott course outline. - The chapters column corresponds to eam et al. textbook chapters for each taxation course (3005 and 4005). - The PA Entry Level is estimated from e e PA ompetency Map Knowlege Supplement published by PA anada in arleton University - Summer USI Special Topics in Taxation - April 4, / 5