vcc.ca
ACCT 2002: Canadian Income Tax
Effective date
January 2025
Department
Accounting Diploma
School
Hospitality, Food Studies and Applied Business
Description
Students are introduced to Canadian income taxation. Topics include liability for tax, the calculation of net income for tax purposes for both individual and corporate taxpayers, and the calculation of taxes for individual taxpayers. Students use software to prepare tax returns.
Credits
3.0
Year of study
2nd Year Post-secondary
Prerequisites
ACCT 1035.
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Determine the residency and tax consequences of a taxpayer
- Calculate income from employment, business, property or other sources
- Determine all applicable deductions for an individual taxpayer
- Determine gains and losses on the disposition of capital property
- Assess general tax issues for an individual
- Calculate net income for tax purposes and income taxes payable for an individual in routine situations
- Complete basic tax returns for individuals
- Explain the difference between tax evasion and tax avoidance and the legal consequences of these actions
- Identify potential tax problems and ethical tax planning strategies to ameliorate the problems
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Total Hours: 45
Instructional Strategies
Lectures, Demonstrations, Lab Work, Case Studies and Group Work.
Grading System
Letter Grade (A-F)
Passing grade
C
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Participation |
10 |
|
|
Assignments |
20 |
Tax return assignment |
|
Midterm Exam |
35 |
The Midterm may consist of more than one exam |
|
Final Exam |
35 |
|
Course topics
- 1. Introduction to Federal Taxation in Canada
- 2. Procedures and Administration
- 3. Income or Loss from an Office or Employment
- 4. Taxable Income and Tax Payable for Individuals
- 5. Capital Cost Allowance
- 6. Income or Loss from a Business
- 7. Income from Property
- 8. Capital Gains and Capital Losses
- 9. Other Income, Other Deductions, and Other Issues
- 10. Retirement Savings and Other Special Income Arrangements
- 11. Ethics and the ethical decision-making process
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.