Basic Taxation for Financial Managers - DPS 51089

DPS 51089 36 hours

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This course introduces basic income taxation concepts and practices and provides a broad overview of the Canadian tax system. It emphasizes federal income tax calculations, specifically Net Income for tax purposes, Taxable Income, and Tax Payable for both individuals and corporations. Topics will also include capital cost allowance, income (employment, business and property), deductions and capital gains and allowances.

Prerequisites

Financial Accounting II

Outcomes

On completion of this course, students will:

  • Explain the differences between accounting profit and taxable income;
  • Explain the relationship between federal and provincial tax assessment;
  • Define key terms including capital cost allowance, income and capital gains;
  • Determine tax consequences of dispositions of depreciable assets including recapture, terminal losses and capital gains;
  • Explain the difference between tax evasion, avoidance and planning;
  • Use the tax formula to calculate taxable income and ultimately tax payable for individuals and corporations;
  • Prepare sample tax returns (T1 – personal and T2 - corporations) utilizing Profile tax preparation software.
Financial Management Diploma
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