ACC540 - Personal Taxation

Outline info
Last revision date 2018-06-13 12:57:55.496
Last review date 2018-06-13 12:57:55.498

Subject Title
Personal Taxation

Subject Description
The purpose of this subject is to provide Accounting and Finance students with a good working knowledge of the current provisions of the Canadian Income Tax Act as it applies to individuals including tax planning.

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see

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

1. Define and discuss relevant sections of the Income Tax Act as they relate to the taxation of Canadian residents.

2. Examine management's role and approach to taxation and the integration of tax planning into the business decision process.

3. Determine income and tax liability of individuals and complete the individual T1 Income Tax return.

4. Identify and explain issues arising from the submission of individual income tax returns.

5. Apply the general rules and discuss tax planning issues concerning the acquisition, use and disposal of appreciable and non-appreciable property.

6. Examine the relationship between corporations and their shareholders.

7. Discuss the tax treatment of the most common methods of employee compensation and examine the impact of those methods on costs (to the employer) and value (to the employee).

8. Discuss and answer questions relating to tax planning for individuals.

9. Deal with issues arising from the Goods and Services Tax (an overview only).

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.

ACC517 Intermediate Accounting II and a working knowledge of microcomputers.

Topic Outline

  •     Introduction to Federal Income Tax
  •     Liability for tax and fundamental rules in computing income
  •     Administrative aspects
  •     Income or loss from an office of employment
  •     Miscellaneous sources of income and deductions in computing income
  •     Taxable income of an individual
  •     Income tax payable by individuals
  •     Deferred income plans
  •     Gifts, attribution rules and death
  •     Goods and Services Tax - an overview
  •     Capital Cost Allowance
  •     Eligible Capital Property

Mode of Instruction

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

Prescribed Texts
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

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
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:


Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency

The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this subject in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme: 

Term Test 40%
Final Exam  60%

Please retain this course outline document for future educational and/or employment use.

Program Coordinator
Cynthia Duncan

Approved by: Chair - Business Studies Danielle Mercier