Income Tax

This course introduces students to the requirements and implications of federal and provincial income tax on companies and individuals. Students learn how to apply basic concepts from tax laws, regulations and interpretations to specific situations. The course gives students practice in preparing and filing tax returns, including the use of appropriate software and electronic filing procedures, in interpreting and following up on tax notices and in proposing legal means for minimizing taxes. Topics include the tax implications of employment status and the legal form of ownership, types of income and taxable benefits, capital gains and losses, deductions, capital cost allowance calculations, net versus taxable income, tax rates and tax credits.