ACC 3080 Canadian Income Taxation WINTER TERM 2019

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1 UNIVERSITY OF MANITOBA I. H. ASPER SCHOOL OF BUSINESS Department of Accounting and Finance ACC 3080 Canadian Income Taxation WINTER TERM 2019 Instructor: Brian L. Krysowaty, CPA, CA Office: 356 Drake Phone: Office hours: Tuesday - 6:15 to 6:45 p.m., or by Appointment ( only) COURSE DESCRIPTION: This course is designed to give a basic understanding of the Federal Income Tax Act (the Act ) and its administration. This is achieved by applying the law to practical problems and cases. Topics covered include the administration of the tax system, residence, employment income, business and property income, capital gains, other income and deductions, computation of taxable income and taxes payable, primarily for individuals and corporations. COURSE OBJECTIVES: After taking this course students are expected to: understand the structure of the Income Tax Act and the rules of interpretation used in applying its provisions; be familiar with tax planning concepts; be familiar with the sources of reference material and their relevance in interpreting tax law; explain the theory behind the taxation of income in Canada and the roles of the Department of Finance, Canada Revenue Agency, the Courts, and the taxpayer. REQUIRED MATERIAL: 1. Buckwold, W.J., Canadian Income Taxation: Planning and Decision Making, Edition, McGraw-Hill Ryerson. (Electronic or Paper version your choice) 2. Sherman, David M., The Practitioner s Income Tax Act, 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 (Sorry, Previous editions of these books are out-of-date, because tax rules change constantly.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).

2 MARK ALLOCATION: Assignment #1 February 05, 2019 Handed In During Class 10% Mid-term Examination March 05, 2019 In Class 40% Final Examination Date, time and location set by administration. 50% The final is a comprehensive exam 100% CONDUCT OF THE COURSE You will need to understand the principles and concepts of income tax, read the Act and grasp the implications and opportunities of the Act for business and personal decisions. Each chapter in the text builds on the material in the previous chapter. Therefore, mastery of material in each chapter is essential to your understanding of material in subsequent chapters. It is expected that you read the textbook before class lectures so that you are familiar with the topics to be covered. In addition, completion of recommended homework assignments is essential to understanding the practical application of tax law and related concepts. Homework problems assigned in class are not to be handed in. Students are responsible to complete the assigned homework problems and check their work against solutions on their own. Details of the assigned homework problems and solutions will be provided during class. The textbook s publishers have provided options to students to be able to access additional review questions, online quizzes for each chapter, etc. These are only available through the Connect site at the McGraw-Hill website. Quizzes consist of multiple choice and true/false questions. These quizzes can be completed and auto-graded online. It is important to note that students must purchase the on-line version to the textbook on the Connect website for McGraw Hill. These options are available at the University of Manitoba Bookstore. If you purchase the hard copy of the textbook, you are not able to access the Connect website. ASSIGNMENTS Questions for the assignment will be provided during class in due course. Assignments are individual assignments and you are not allowed to collaborate with others or seek help from anyone other than the sessional instructor. Doing so constitutes academic dishonesty. Please ensure you read the Academic Integrity Sheet attached to the course outline. LATE ASSIGNMENTS WILL NOT BE ACCEPTED. Professional tax work includes meeting and managing deadlines and the assignments must be handed in on a timely basis accordingly.

3 EXAMINATIONS Examinations will test students knowledge, as covered in lectures, readings and assigned homework. Students will also be tested on their ability to apply their knowledge to specific situations. Examination questions may include multiple choice, numeric calculations, as well as short and long answer application/theory questions. Calculators and one copy of the Income Tax Act will be allowed for all examinations. See Tab Open Book Exam on the following page. Students who miss a midterm examination for legitimate reasons (medical, compassionate, academic conflict or university sports team travel) will have the midterm examination marks added to the final examination. In all cases of absence on a midterm examination date, the instructor should be advised within 7 working days of the examination date and receive suitable documentation. Students who miss the final examination must apply to the Undergraduate Program Office, Room 268 Drake Centre, for possible deferred examination privileges. GRADING Any request for a remarking of a midterm examination must be made, in writing, within 10 working days of the class in which it was returned. UM Learn Follow the instructions below to log on UM Learn: 1. You can access UM Learn by visiting: 2. Log into UM Learn using your UMnetID. You must claim your university UMnetID to log into UM Learn. If you have not done so, claim your UMnetID at the claimid website. 3. If you are having problems logging into your course visit the Accounts Office in E3-637 of the Engineering and Information Technology Complex (EITC), call On your My Courses tab heading, click on the ACC 3080 course title.

4 CLASS QUESTIONS At the end of the chapter lecture notes, there will be indicated assigned questions for students to do in advance of the lecture. Also, there will be in-class questions which will be taken up during class to supplement the course material discussed in each respective lecture. Students should be prepared to discuss the in-class questions during class. LABS Labs are an important part of this course. You will have the opportunity to practice problems of the type you will see on the exam and in professional practice. You do not have to attend, but everything covered in the labs is examinable. Labs: Thursday, 7:00 8:15 pm, 122 Drake Centre OPEN BOOK EXAMS You can use The Income Tax Act for the mid-term and final examinations. You can: highlight and tab The Income Tax Act (use small Post-It notes to make tabs if you like) write any notes you want in The Income Tax Act (in the margins, etc.) However, do not insert additional pages, do not paste or copy formulas or lecture notes or solutions from questions into The Income Tax Act. No textbook or any other book is allowed. Calculators are allowed, but cell phones are not to be used as a calculator. 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 (204) as soon as possible.

5 Tentative ACC 3080 Class Schedule Day Topic Assigned Readings Jan 08 th Introduction Taxation Its Role in Decision Making Chapter 1 Fundamentals of Tax Planning Chapter 2 Liability for Tax and Income Determination & Chapter 3 Administration of the Income Tax System Jan 15 th Income from Employment Employment Income Questions Income from Business Chapter 4 Chapter 5 Jan 22 nd Jan 29 th Feb 05 th Business Income Questions The Acquisition, Use, and Disposal of Depreciable Property Income from Property Gains and Losses on Disposition of Capital Property Other Income, Other Deductions, and Special Rules for Completing Net Income for Tax Purposes ASSIGNMENT #1 DUE (Chapters 1 8) Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Feb 12 th Individuals: Determination of Taxable Income and Taxes Payable Individuals: Determination of Taxable Income and Taxes Chapter 10 Feb 18 th -22 nd Feb 26 th 2019 Spring Term Break No Classes / No Lab Individual Tax Calculation Questions/General Review March 05 th MID-TERM EXAM -- CHAPTERS 1 TO 10 March 12 th March 19 th March 26 th April 02 nd April 09 th Corporations An Introduction Thin Capitalization Rule Corporations - Capital Structure and Distributions The Canadian-Controlled Private Corporation Multiple Corporations and Their Reorganization Partnerships Limited Partnerships and Joint Ventures Trusts Business Acquisitions and Divestitures-Asset -Share Business Acquisitions and Divestitures-Tax Def.Sale Review of Personal Income Tax / Corporate Income Tax Review Questions (Chapter 1-19) REVIEW IN CLASS Chapter 11 In-Class Notes Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19

6 ACADEMIC INTEGRITY It is critical to the reputation of the I. H. 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 Undergraduate 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. GROUP PROJECTS AND GROUP WORK Many courses in the I. H. Asper School of Business require group projects. Students should be aware that group projects are subject to the same rules regarding academic dishonesty. Because of the unique nature of group projects, all group members should exercise special care to insure that the group project does not violate the policy on Academic Integrity. Should a violation occur, group members are jointly accountable unless the violation can be attributed to a specific individual(s). Some courses, while not requiring group projects, encourage students to work together in groups (or at least do not prohibit it) before submitting individual assignments. Students are encouraged to discuss this issue as it related to academic integrity with their instructor to avoid violating this policy. In the I. H. Asper School of Business, all suspected cases of academic dishonesty are passed to the Dean s office in order 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. Goals and Objectives Addressed in this Course Course Item(s) Relevant to these Goals and Objectives questions. questions. questions. questions and assignment. B. Communicate in a coherent and logical manner questions and assignment. C. Present ideas in a clear and organized fashion. questions and assignment. 3 Ethical Thinking A. Identify ethical issues in a problem or case situation Chapters 1, 2, 3 B. Identify the stakeholders in the situation. Chapters 1, 2, 3 C. Analyze the consequences of alternatives from an Chapters 1, 2, 3 ethical standpoint. D. Discuss the ethical implications of the decision. Chapters 1, 2, 3 4 Core Business Knowledge Entire course

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