Students acquire an understanding of the fundamentals of the Canadian tax system and its impact on business and personal decision-making. The Canadian income tax structure is examined, a theory for tax planning is developed, and specific tax planning topics are discussed. Exposes students to the technical provisions of the Income Tax Act and their interpretation and application. In particular, the course examines the liability for tax and the computation of net income for tax purposes.
Emphasis is placed on learning how to read, understand and apply the legislation itself.
Students are also introduced to the skills necessary to research a tax issue. Further exposes students to the technical provisions of the Income Tax Act , with continued emphasis on learning to read the legislation with understanding. In particular, the course examines the determination of taxable income and taxes payable for individuals and corporations, the application of the provisions of the Act to various business situations and reorganizations, as well as tax planning issues related to these topics. Students are given the opportunity to further develop their tax research skills. Commerce students take a number of courses offered by the College of Arts and Science to meet core requirements for the Commerce degree and for requirements in majors and electives.