Canadian Income Tax II

This course is a continuation of ACC 335 personal income tax course with updates for the current taxation year. Emphasis on accessing the most up-to-date, revised income tax rules and regulations, utilizing on line access to CRA. Practical applications using actual information slips, current tax forms, and current software for personal income tax preparation. Knowledge of preparation of personal income tax returns manually, computerized, net-filing and e-filing all to be covered. Emphasis will also be on recognizing the differences between business accounting income and taxable income, CCA rules and non-arms length transactions will also be discussed. The student will be required to identify and determine the amount and type of various losses and apply the rules regarding the use of such losses in determining the net and taxable income of taxpayers. Students will also be required to cite and apply the rules of capital cost allowance on business assets in the calculation of taxable income from a business. Students will have to distinguish between business income and capital gains income as well as record, compute and analyze the capital gains and losses to be recognized by a taxpayer in the calculation of taxable income.