| DPS 51089 | 36 hours |
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
Outcomes
On completion of this course, students will be able to:
- 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
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