Bus 457 Income Tax II provides a study of the nature and structure of the Income Tax Act, as it applies to corporations, partnerships, deceased taxpayers, trusts and non-residents, with the focus on corporate taxation. A corporate tax return and relevant schedules are prepared to determine net income for tax purposes, taxable income and income taxes payable. The sale of an incorporated business, tax planning techniques and special topics are included.
Prerequisites: BUS 453 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 |
|---|
| Total Credits | |
|---|
| Total Hours | 60 |
|---|
Typical hours per week breakdown| Lecture | 4 |
|---|
Learning Outcomes
Upon successful completion of this course, the learner will be able to:
- Display a knowledge of filing due dates, tax payment due dates, penalties and interest that may be levied by CRA related to income tax and the steps a taxpayer must follow to appeal a tax assessment
- Explain:
a. the tax consequences that arise on the death of a taxpayer
b. attribution rules
c. the tax consequences of gifts
- Demonstrate an understanding of the taxation of a trust and the taxation of the beneficiaries of a trust
- Demonstrate an understanding of Section 85 and 86 rollovers
- Calculate taxable income and the tax consequences for non-residents affected by Canadian Income Tax Act
- Calculate the income and adjusted cost base of a partnership
- Prepare a corporate tax return, including:
a. the calculation of net income for tax purposes, taxable income and income taxes payable
b. some supporting schedules, including capital cost allowance and eligible capital property schedules
- Evaluate effective tax plans using a Canadian Corporation
- Calculate GST and HST and determine who is liable for GST and HST
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.