1 Important Information:
Read this course outline thoroughly: it has a lot of key information. All students can access lecture notes and other important course.
A schedule setting out the dates of the lectures, quizzes and midterms follows under heading 9. The problem sets for each lecture will be discussed in the lectures.
2 To prepare for each lecture, we advise the following approach:
(a) Read the lecture notes first.
(b) Attempt the problem set next. Answers to most problem set questions are provided. Also, for extra practice we recommend certain FIT multiple choice questions, exercises and review questions that you can find in the FIT Study Guide. The answers to these items are contained in the FIT Study Guide. In each set of lecture notes, we recommend several for you to do.
(c) Use FIT and the Act as a reference to clarify your understanding of the law. You are only responsible for what is in the Lecture Notes and Problem Sets. There is much more in the Act and in the FIT textbook than what we cover in this course.
If you have questions, please ask them in class or post them on the Moodle forum. But before you do that, please try to look the answer up for yourself. Because tax law is constantly changing and is very complex, one of the many skills needed for a career in taxation (or any accounting discipline) is the ability to do research. So for questions related to the content of the course, please try looking for answers to your questions in the lecture notes, the textbook and the Act first. By the same token, for administrative questions please try looking for answers in this course outline first. The course materials provide you with answers to most of the frequently asked questions.
3 Learning Outcomes and Professional Behaviour
Students can attend any section that they wish. Notes and problem material have been provided to help you with your learning.
As future professionals you are expected to act like professionals. In terms of expected behaviour in class you should:
- Prepare in advance for each lecture. The more prepared you are, in advance, the more you will get out of a lecture;
- Arrive on time for each on-campus class (and for exams) since entering late can disrupt others;
- Actively listen and ask and answer questions during class;
- Avoid disruptive behaviour like talking in class, checking emails, sending texts, talking on the phone, et cetera since this behaviour can disturb your fellow classmates and your course director. If you need to have a conversation, send an email, text or make a phone call (and if you cannot wait until break or after class) then quietly leave the classroom to do so and return to class when finished (since this is less disruptive);
- Turn your cell phone off and put it away during class and exams; and
- For all quizzes and exams, read and follow the directions and fully comply with York's Academic Honesty Policy. See "10 Important York Policies" (below) for more information on Academic Honesty.
- Attend the entire class; If you need to leave early, be polite and tell the instructor ahead of time and try to leave at the break to minimize disruption and you should review the audio tape of the class or try to attend the second half of another section's class to avoid missing important information.
You learned the basics of many of the rules we cover in this course in ADMS 3520; this course will help you refresh that knowledge, learn the finer details (including how to read the rules in the Act!) and apply the rules to more complex problem material involving transactions and planning situations. Building on ADMS 3520, this course has been designed to help you:
1. Explain and critique the policy objectives and legislative intent of the technical rules in the Income Tax Act as they apply to individuals and the corporations they own.
2. Explain what is involved in tax research (reading and interpreting the technical rules in the Act, taking into consideration judicial decisions and CRA pronouncements) and to be able to do basic tax research.
3. Apply Canadian income tax law and related planning concepts in problem and case settings involving individuals and the corporations they own.
4. Demonstrate improvement in their written and verbal communication skills and their use of excel spreadsheet software in solving tax problems.
To achieve these learning outcomes, students are recommended to devote at least six hours a week to the course outside of the lecture time.
6 Required Texts
The required textbooks are
- Federal Income Taxation in Canada (FIT), CCH, by Beam, Laiken and Barnett (36th Edition (2015/2016) - i.e. the most recent edition). This textbook has very good examples and lots of problem material. Because this book is updated once a year in late August, the most recent edition of the book should be purchased. The Study Guide should also be purchased since it contains solutions to the recommended problems. The CD included with this book contains Cantax software and a research library which may be used in this course.
- An Income Tax Act, the most recent edition available. We recommend the CCH Act which comes bundled with the FIT. A slightly older edition of the Income Tax Act may be used, but the student is responsible for learning the current rules.
Attachment:- assignment-final.rar