BUS 453 Principles of Income Tax I course studies the nature and structure of the Income Tax Act, as it applies to individuals. Topics include determination of net income for tax purposes, taxable income and income taxes payable. Income from employment, business, property, capital gains and miscellaneous sources are included. Basic tax planning topics are examined.
Prerequisites: BUS 343 or BUS 341 with a minimum grade of 60%
Accessibility Services Notice
Students who would like an academic accommodation and who have a documented disability should contact Accessibility Services, if they have not already done so.Course Details| Total number of weeks | 15 |
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| Total Credits | |
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| Total Hours | 60 |
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Typical hours per week breakdown| Lecture | 4 |
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Learning Outcomes
Upon successful completion of this course, the learner will be able to:
- Discuss generic taxation alternatives, economic objectives of taxation, qualitative characteristics of tax system
- Determine remittance dates for source deductions, instalment payment, tax balances owing and calculate penalties on late remittances
- Outline the Income Tax Appeals process and how the tax system is administered
- Net income for tax purposes in conformance with Income Tax Act section 3, which includes income from employment, business, property, and miscellaneous sources
- Illustrate the concept of tax-deferred savings, including Registered Pension Plans, Registered Retirement Savings Plans, Registered Retirement Income Funds, Tax Free Savings Accounts and Deferred Profit Sharing Plans
Grading Table
Standard Academic and Career Programs Grading Table
| Percentage |
Letter Grade |
GPA |
| 90-100 |
A+ |
4.33 |
| 85-89 |
A |
4.00 |
| 80-84 |
A- |
3.67 |
| 76-79 |
B+ |
3.33 |
| 72-75 |
B |
3.00 |
| 68-71 |
B- |
2.67 |
| 64-67 |
C+ |
2.33 |
| 60-63 |
C |
2.00 |
| 55-59 |
C- |
1.67 |
| 50-54 |
P |
1.00 |
| 0-49 |
F |
0.00 |
| |
DNW |
0.00 |
See the Academic Calendar for General Information including how to withdraw from course(s) and other regulations.
Disclaimer
Information contained in this course outline is correct at the time of publication. Content of the course is revised on an ongoing basis to ensure relevance to changing educational, employment and market needs. The instructor will endeavor to provide notice of changes to students as soon as possible. The instructor reserves the right to add or delete material from courses.