ACA240 - Applied Personal and Corporate Taxation - EPT

Outline info
Last revision date 2018-09-24 00:59:54.268
Last review date 2018-11-05 09:54:51.155

Subject Title
Applied Personal and Corporate Taxation - EPT

Subject Description
Applied Personal and Corporate Taxation emphasizes the application of personal and corporate tax concepts in the preparation of tax returns for individual and corporate clients.  The purpose of this course is to produce a mid-level accountant with tax skills who is able to function in environments of low to mid-level complexity with low levels of uncertainty.  The course will focus on applied knowledge, using authentic business scenarios that require students to demonstrate the application of technical knowledge.   Excel and other applications such as ProFile tax software will be integrated in the course material and in assessments to help develop the accounting and other practical skills needed in the marketplace, and workplace skills (communication, managing and analyzing information, solving routine problems and effectively promoting personal management and teamwork) are emphasized.

Credit Status
One Credit

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Explain and identify the major ethical issues that are likely to arise when preparing income taxes and remittances.
  2. Describe the steps in computing income for tax purposes for various types of income using the source concept.
  3. Calculate net income for tax purposes for a business and explain why the adjustments to accounting net income are required.
  4. Determine taxable income and taxes payable for individuals and corporations utilizing Excel and tax preparation software.
  5. Explain the principles of integration underlying the taxation of aggregate investment income for corporations.
  6. Demonstrate an understanding of the basics of various tax relationships and the implication of being related, associated, connected, and affiliated companies.
  7. Evaluate the tax advantages and disadvantages of incorporating a business and justify the decision to incorporate or not.
  8. Demonstrate an understanding of organizational remittance requirements for GST/HST including registration, filing returns, input tax credits, charging the tax, and rebates.
  9. Calculate and report government and third-party remittances (CPP, EI, WCB, taxes) including the completion of a Record of Employment.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

All entry and technical courses must have been completed before taking this course. 
In addition, you must have completed the Ethics and Workplace Skills course (or be taking it concurrently).
Permission from the Program Coodinator is required for entry.

Topic Outline

Week Topics Assignments/Tests/Exams
1 Net income for tax purposes for individuals Quiz #1, 1.25%
2 Taxable income and tax payable for an individual Assignment #1  5%
3 Net income for tax purposes for a corporation  
4 Net income for tax purposes for a corporation, cont. Quiz #2, 1.25%
5 Taxable income and tax payable for corporations Part 1 Assignment #2   10%
6 Review  
7 Midterm Exam Midterm Examination 30%
8 Taxable income and tax payable for corporations Part 2 Quiz #3    1.25%
9 Goods and Services sales tax/harmonized sales tax Assignment #3 , 10%
10 Goods and Services sales tax/harmonized sales tax, cont.  
11 Payroll taxes and remittances  
12 Payroll taxes and remittances, cont. Quiz #4  1.25%
13 Review  

Mode of Instruction

A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work.


This subject is delivered online. This may involve the use of digital materials and/or a text, group discussions, interaction with your instructor and online activities.

Prescribed Texts

In class

Introduction to Federal Income Taxation in Canada; 39th Edition, with Study Guide 2018; ISBN: 9781554969876


Canadian Income Tax Act with Regulations, Annotated, Academic; 106 edition  2018; CCH (now Wolters Skluwer); Robert Beam & Stanley Laiken, J. Barnett; CCH (now Wolters Skluwer); ISBN: 9781554969869

Bundle pack - ISBN number is 97815549695009781554969890

updated 6/13/2018

Students will familiarize themselves with an industry standard tax application which will be used to prepare personal and corporate tax returns in the course material and in the assignments.  Students will be provided with data files to do the exercises, as well as with solution files to check the answers.
There are also Excel illustrations in the course notes and textbook problems.  The purpose of these exercises is to demonstrate concepts and provide practice in tax calculations.


Title 1: Canadian Tax Principles
Edition: 2017-2018 Edition Plus Companion Website with Pearson eText -- Access Card Package
Author: Clarence Byrd, Clarence Byrd Inc.; Ida Chen, Clarence Byrd Inc.
ISBN: 9780134833644

Title 2: Ey's Federal Income Tax Act 2017 (15th) Student Edition
Edition: Student edition
ISBN: 9781525400568
CPA Product number: 91050015

Required Supplies

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online ( or at Seneca's Registrar's Offices.

Modes of Evaluation

Quizzes 5%
Assignments 25%
Term Test 30%
Final Exam 40%

Program Coordinator
Room D2200
416-491-5050 ext 22527

Approved by: Chair - Business Studies Danielle Mercier