- October 18, 2020
| Course SyllabusAcct 4280 Fall 2020Section 001 T/Th 2:30-4:30Section 002 T/Th 8:30-10:30Introduction to Personal and Corporate Income Tax | ||
| Professor | ||
| NameTelephone E-mail AddressOffice | Maurie Maclennan CPA, CAN/A – use email to contact [email protected] 2050 | |
| Office Hours |
By appointment
| Required Course Materials | |
| Textbook | Canadian Tax Principles (2020-2021 Edition)Byrd & Chen (Blue/White cover)Publisher: Pearson Education CanadaAdditional readings may be provided by the professor throughout the course |
| Course Description |
This course covers Canadian income tax laws affecting individuals and corporations. Topics include the computation of individual and corporate income tax, taxable income, taxes payable, corporate distributions, taxation of capital gains, and the preparation of corporate and personal tax returns.
The prerequisites for Acct 4280 are as follows: Acct 3220, or consent of the department.
Prerequisite checking is now in effect at Mount Royal University. Students who do not have the correct prerequisites for a course will be automatically de-registered from that course prior to the commencement of classes. If you have any questions about prerequisites, please talk to an Advisor.
| Course Learning Outcomes |
This course focuses on tax compliance and reporting for an individual taxpayer and a corporation, focusing on Canadian Controlled Private Corporation in particular. Also, administrative procedures and Goods and Services Tax (GST) are covered. Topics include Employment, Business, Property and Other Income, Capital Gains, Capital Cost Allowance, Taxable Income and Taxes Payable.
| Assessment | |
| Chapter Quizzes For Chapters 3 to 12, a quiz on the chapter will occur at the beginning of the next class following the completion of the chapter. Quizzes will be conducted on Blackboard. Each quiz will be 10 minutes in duration. The top 7 quiz marks from the 10 quizzes will be used to determine the quiz grade. Students are expected to write all quizzes. Therefore, no deferrals will be provided for missed quizzes. | 20% |
| Assignment 1 – Blackboard quiz on Chapters 2 & 21 – due Sunday November 1Assignment is a quiz to be completed individually in Blackboard. Under no circumstances will an extension be provided. | 15% |
| Assignment 2 – Blackboard Dropbox – due tentatively Sunday December 6Assignment 2 is a cumulative assignment submitted by groups of 2 to 4 students. The method of determining group members will be determined by the instructor and announced in class. Assignments are due via Blackboard Assignment Dropbox by midnight on the day the assignment is due. Under no circumstances will an extension be provided | 15% |
| Midterm Examination – Friday October 23 4:00pm to 6:00pmMidterm examination is a 2 hour common examination for all sections. The examination will cover material from chapters 1,3,4,5 and 6. The examination may consist of a mix of multiple-choice questions, numerical problems, short answers and essay problems. | 20% |
| Final Examination – Scheduled by registrar during December 11-22Final examination is a 3 hour common examination for all sections. The final examination will cover material from all chapters covered in the course. The examination may consist of a mix of multiple-choice questions, numerical problems, short answers and essay problems. | 30% |
IMPORTANT NOTE REGARDING QUIZZES, MIDTERM AND FINAL EXAMS IN THE ONLINE ENVIRONMENT
Please note that the quizzes, midterm and final exams in Fall 2020 are to be completed individually. Any collaboration with other students will be reported to the Student Community Standards office (formerly the Office of Student Conduct). Explicit instructions on writing the exams online will be provided at least a week in advance of the exam. Additionally, proctoring software may be used to ensure fairness.
Failure to comply with exam instructions may result in a failing grade for the exam, a failing grade for the course and/or a charge of Academic Misconduct under the Code of Student Conduct.
| Grading System | |||
| According to Mount Royal University policy, final grades will be reported by a letter grade corresponding to the percentage equivalents below: | |||
| Percentages | Letter Grade | 4.0 Scale | As per page 48 of the MRU Calendar 2019-2020 |
| 95-10085-9480-84 | A+AA- | 4.004.003.70 | Excellent–Superior performance, showing comprehensive understanding of subject matter. |
| 77-7973-7670-72 | B+BB- | 3.303.002.70 | Good–Clearly above average performance with knowledge of subject matter generally complete. |
| 67-6963-6660-62 | C+CC- | 2.302.001.70 | Satisfactory–Basic understanding of subject matter. |
| 55-5950-54 | D+D | 1.301.00 | Marginal performance–Generally insufficient preparation for subsequent courses. |
| 0-49 | F | 0.00 | Fail–Assigned to students:Who do not meet the academic requirements of the course, orWho cease to continue in the course, but do not withdraw as per MRU policy. |
Course Schedule
TENTATIVE TIMETABLE (Subject to change from time to time)
See separate document for suggested problems
| DATE | TOPIC | READINGS |
| Week 1(Sep 3) | INTRODUCTION TO FEDERAL TAXATION IN CANADA(ignore Tax Policy Concepts paragraphs 26-43 and Alternative Concepts of Income paragraphs 133-139) | Chapter 1 |
| Week 2(Sep 8 & 10) | INCOME/LOSS FROM OFFICE OR EMPLOYMENT | Chapter 3 |
| Weeks 3 & 4(Sep 15, 17 & 22) | TAXABLE INCOME AND TAX PAYABLE FOR INDIVIDUALS | Chapter 4 |
| Weeks 4 & 5(Sep 24 & 29) | CAPITAL COST ALLOWANCE | Chapter 5 |
| Weeks 5 & 6 (Oct 1, 6 & 8) | INCOME OR LOSS FROM A BUSINESS (ignore Income for Farmers paragraphs 158-169, Professional Income paragraphs 170-174 and Scientific Research and Experimental Development paragraph 181) | Chapter 6 |
| Week 7(Oct 12-16) | READING WEEK – NO CLASSES | |
| Week 8(Oct 20 & 22) | INCOME FROM PROPERTY | Chapter 7 |
| Fri Oct 23 | MIDTERM – CHAPTERS 1, 3, 4, 5, 6 | |
| Week 9(Oct 27 & 29) | CAPITAL GAINS AND CAPITAL LOSSES(ignore Gains and Losses on Foreign Currency paragraphs 95-106, Deferral Provisions on Small Business Investments paragraphs 134-136) | Chapter 8 |
| Sun Nov 1 | ASSIGNMENT 1 DUE | |
| Week 10 (Nov 3 & 5) | OTHER INCOME, OTHER DEDUCTIONS AND OTHER ISSUES (ignore Farm or Fishing Property to a Child paragraphs173-176, Death of A Taxpayer 177-186) | Chapter 9 |
| Week 11(Nov 10 & 12) | RETIREMENT SAVINGS AND OTHER SPECIAL INCOME ARRANGEMENTS (ignore Death of the RRSP Registrant 129-138, Retirement Compensation Arrangements paragraphs 201-210) | Chapter 10 |
| Week 12(Nov 17 & 19) | TAXABLE INCOME AND TAX PAYABLE FOR INDIVIDUALS REVISITED(ignore Farm Losses paragraphs 63-67, Tax Credits Revisited paragraphs 142-180) | Chapter 11 |
| Fri Nov 20 | WITHDRAWAL DEADLINE | |
| Week 13(Nov 24 & 26) | TAXABLE INCOME AND TAX PAYABLE FOR CORPORATIONS | Chapter 12 |
| Week 14(Dec 1 & 3) | TAXATION OF CORPORATE INVESTMENT INCOME (ignore Part III.1 Tax On Excessive Eligible Dividend Designations paragraphs 139-147) | Chapter 13 |
| Sun Dec 6ASSIGNMENT 2 DUE | ASSIGNMENT 2 DUE | |
| Week 15(Dec 8) | OTHER ISSUES IN TAXATION (Associated Companies, Decision to Incorporate, Shareholder Benefits/Management Compensation, Disallowed Capital & Terminal Losses and Affiliated Persons, Partnerships & Joint Ventures) | Chapters 14, 15, 16 and 18 |
Please review the Acct 4280 Fall 2020 Course Policies and Student Resources document for additional important information.
