ACC 3080 CANADIAN INCOME TAXATION FALL 2017 TERM

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1 UNIVERSITY OF MANITOBA I. I. H. ASPER SCHOOL OF BUSINESS Department of Accounting and Finance Mike Kukelko, CPA, CA Office: Drake 659 Office hours: Tuesdays, 430 to 630 pm, other times by appointment ACC 3080 CANADIAN INCOME TAXATION FALL 2017 TERM The University will only use your U of M account for communications, including messages from your professors. Claim your u of m account at Please check daily for University communication, including about this course. In this course, students learn: theory behind the taxation of income in Canada structure of the Income Tax Act and rules of interpretation tax planning for: o managing a business o investing o personal financial planning ethics of tax planning and compliance The material in this course is based significantly on the Entry requirements for the CPA program. Textbooks Buckwold, W.J., Canadian Income Taxation: Planning and Decision Making, Edition, McGraw-Hill Ryerson (electronic or paper version your choice) Sherman, David M., The Practitioner s Income Tax Act, 52 th Edition, Carswell (Sorry Previous editions of these books are out-of-date, because tax rules change constantly. If you use them, you risk not learning current material.) Electronic platforms UM Learn; Google Drive LECTURES & LABS LECTURES: Tuesday 7:00 10:00 pm Labs are an important part of the course. You will have the opportunity to practice problems of the type you will see on and in professional practice. The lab instructor is Cindy Driedger, CPA, CA.

2 LABS: Thursday 7:00 8:15 pm (the first lab will be on Thursday, September 21 st ) Mark allocation Date TBD (I will announce the subject of the quiz in the immediately preceding class (quizzes will be 20 minutes (7:00 pm to 7:20 pm of the relevant class) Tuesday, October 24, 7 pm 10 pm TBD Students are responsible for confirming exam date, time and location from the official university exam schedule. Evaluation 16% Four (4) quizzes 39% Mid-term exam 45% - Comprehensive final exam Grades for the mid-term exam, which accounts for 39% of the overall course grade, will be available to students prior to the last date to withdraw from the course without academic penalty, November 17, * I will announce the Chapters covered in each quiz a week before the quiz. Quizzes will be multiple-choice and short answer. Grades This course is marked on a curve. I anticipate that approximately 70% of students will achieve C+ or higher, of those do not voluntarily withdraw. Open book You can use The Income Tax Act during the mid-term and final (not the quizzes not enough room in class). You can: highlight and tab the Act (use small Post-Its to make tabs if you like) write anything you want in the Act (in the margins, inside covers, etc.) Do not insert additional pages into the Act. No textbook or other book is allowed. Calculators are allowed. HOW TO SUCCEED 1. Stay up-to-date on readings and practice questions. My experience is that most students who VW wait too long to start doing practice questions. 2. Ask me a lot of questions, in class or privately. 3. Work with another student, or in a group, to: help each other understand the course material

3 complete practice questions study for (In Tax, it is very helpful to bounce ideas off colleagues. This is true when you are learning Tax and later when you advise clients.) 4. Come to class: I will announce which topics are more likely to be covered in We will do practice questions 5.Attend the labs! 6. Use the on-line Q&A pages (one for each chapter see UM Learn for links): Post your questions, anonymously See my answers (I work toward a 12-hour turnaround, 7 days a week) See what other students are asking about

4 Missed Exams/Quizzes Final Students with exam conflicts due to religious observance or participation in specific scholastic and athletic events may request a deferred examination. Applications must be filed with the Undergraduate Program Office (268 Drake Centre) 20 working days prior to the date of the exam. Travel plans are not an acceptable reason. Also, you may be granted a deferred examination if you miss a final examination for medical or compassionate reasons. Applications for a deferred examination after the examination has been missed must be filed with me by the end of 2 business days after the date of the examination (see Deadline, below). A medical certificate or other documentation is required. Mid-term and quizzes same rules, and requirements for documentation, but no deferred exam is offered. Your missed mid-term or quiz marks will be added to your final exam mark. For example, if you miss the 40% mid-term exam, your final exam will be 85% of your grade rather than 45%. Apply to me rather than to the Undergraduate Program Office. Exam day Monday Tuesday Wednesday Thursday Friday Saturday Deadline Wednesday Thursday Friday Monday Monday Monday Students with Special Needs Any student who, because of any disability, requires special arrangements in order to meet course requirements should contact Student Accessibility Services at as soon as possible. Tentative ACC 3050 Class Schedule Day Topic Assigned Readings Sept 12 Introduction Taxation Its Role in Decision Making Chapter 1 Fundamentals of Tax Planning Chapter 2 Liability for Tax and Income Determination & Chapter 3 Sept 19 Administration of the Income Tax System Income from Business Depreciable property Chapter 5 Chapter 6 Sept 26 (Quiz) Oct 3 Income from property Capital gains and losses Capital gains and losses Income from employment Chapter 7 Chapter 8 Chapter 8 Chapter 4 Oct 10 (Quiz) Oct. 17 Other Income, Other Deductions, and Special Rules for Completing Net Income for Tax Purposes Individuals: Determination of Taxable Income and Taxes Payable General review; Chapter 9 Chapter 10

5 Oct 24 MID-TERM EXAM -- CHAPTERS 1 TO 10 Oct. 31 Corporations An Introduction Corporations - Capital Structure and Distributions Chapter 11 Chapter 12 Nov 7 The Canadian-Controlled Private Corporation Chapter 13 Chapter 14 Nov 14 (Quiz) Multiple Corporations, Reorganization Nov 17 Voluntary Withdrawal Deadline Nov 21 Business Acquisitions and Divestitures-Asset/Share Business Acquisitions and Divestitures-Sale Chapter 18 Chapter 19 Nov 28 Review / Corporate Income Tax Review Questions (Quiz) Dec. 5 REVIEW IN CLASS

6 ACADEMIC INTEGRITY It is critical to the reputation of the Asper School of Business and of our degrees that everyone associated with our faculty behaves with the highest academic integrity. As the faculty that helps create business and government leaders, we have a special obligation to ensure that our ethical standards are beyond reproach. Any dishonesty in our academic transactions violates this trust. The University of Manitoba General Calendar addresses the issue of academic dishonesty under the heading "Plagiarism and Cheating". Specifically, acts of academic dishonesty include, but are not limited to: - using the exact words of a published or unpublished author without quotation marks and without referencing the source of these words - duplicating a table, graph or diagram, in whole or in part, without referencing the source - paraphrasing the conceptual framework, research design, interpretation, or any other ideas of another person, whether written or verbal (e.g., personal communications, ideas from a verbal presentation) without referencing the source - copying the answers of another student in any test, examination, or take-home assignment - providing answers to another student in any test, examination, or take-home assignment - taking any unauthorized materials into an examination or term test (crib notes) - impersonating another student or allowing another person to impersonate oneself for the purpose of submitting academic work or writing any test or examination - stealing or mutilating library materials - accessing tests prior to the time and date of the sitting - changing name or answer(s) on a test after that test has been graded and returned - submitting the same paper or portions thereof for more than one assignment, without discussions with the instructors involved. In the Asper School of Business all suspected Practices of academic dishonesty are referred to the Dean's office to ensure consistency of treatment.

7 AACSB Assurance of Learning Goals and Objectives. The Asper School of Business is proudly accredited by AACSB. Accreditation requires a process of continuous improvement of the School and our students. Part of student improvement is ensuring that students graduate with the knowledge and skills they need to succeed in their careers. To do so, the Asper School has set the learning goals and objectives listed below for the Undergraduate Program. The checked goal(s) and objective(s) will be addressed in this course and done so by means of the items listed next to the checkmark. Goals and Objective in the Undergraduate Program 1 Quantitative Reasoning A. Determine which quantitative analysis technique is appropriate for solving a specific problem. B. Use the appropriate quantitative method in a technically correct way to solve a business problem. C. Analyze quantitative output and arrive at a conclusion. 2 Written Communication A. Use correct English grammar and mechanics in their written work. B. Communicate in a coherent and logical manner C. Present ideas in a clear and organized fashion. 3 Ethical Thinking Goals and Objectives Addressed in this Course Course Item(s) Relevant to these Goals and Objectives A. Identify ethical issues in a problem Chapter 2 planning, or Practice situation avoidance, evasion B. Identify the stakeholders in Chapter 2 the situation. C. Analyze the consequences of Chapter 2 alternatives from an ethical standpoint. D. Discuss the ethical implications of Chapter 2 the decision. 4 Core Business Knowledge Entire course

Office Hours: Day Time Location TR 12:00pm - 2:00pm Main Campus Carl DeSantis Building 5136

Office Hours: Day Time Location TR 12:00pm - 2:00pm Main Campus Carl DeSantis Building 5136 FIN 3110 - Financial Management I. Course Information Course: FIN 3110 - Financial Management Semester Credit Hours: 3.0 Course CRN and Section: 20812 - NW1 Semester and Year: Fall 2017 Course Start and