Taxation of Businesses

Course Code CALL-117
Lecture hours per week
Lab hours per week
Course Availability: Open
Description: This course is designed to be delivered concurrently with ACCT112, Financial Accounting 1. The course focus is on the components of income from a business, and the determination of taxable business income where CCRA rules and Generally Accepted Accounting Principles (GAAP) differ. Students will be introduced to the various types of taxation in Canada the relationship between residence and liability for tax. Students will use both Corporate T2 and Individual T1 software, targeting the appropriate inclusion of business income for both corporate and unincorporated forms of business organization. Common classes of capital cost allowance will be identified, deductions computed, and objectives compared against those of amortization policies in GAAP. Students will make extensive use of Internet based resources on the CCRA site.