IAF320 - Income Tax I

Outline info
Last revision date 2018-06-13 12:57:22.601
Last review date 2018-06-13 12:57:22.602

Subject Title
Income Tax I

Subject Description
This course offers an overview of the taxation of personal and corporate incomes of Canadian taxpayers as well as related tax planning and GST implications. It provides a detailed examination of the federal income tax law concerning income of individuals from employment, business and property. The implementation of the law and its effects, and issues in tax planning and other practical matters are explored. Legal interpretations of tax law are examined through practical problems and cases.

It is designed to give a basic understanding of the Income Tax Act and its administration. This is achieved by applying the law to practical problems and cases. Topics covered include administration of the tax system, residence, employment income, business and property income, capital gains, other income and deductions, computation of taxable income and taxes payable for individuals.

Credit Status
This subject is required subject credit in the Honours Bachelor of Commerce degree program. 

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

1. Understand the policy objectives and legislative intent of the technical rules in the Income Tax Act (ITA), in Canada, as they apply to individuals and corporations. Apply Canadian income tax laws and related planning concepts in practical problems and case settings. Complete a detailed tax return, fully understanding ramifications of all income and deduction items.

2. Identify key principles, concepts and terminology used in taxation compliance and planning.

3. Prepare simple personal and corporate tax returns and identify personal tax issues.

4. Use the Income Tax Act to determine the tax implications of the issues identified.

5. Communicate tax issues and tax implications; analyze the alternatives and make recommendations.

6. Distinguish among receipts and how various options can impact on an individual's tax.

7. Demonstrate the tax implication of tax planning and financial planning.

8. Explain from a tax planning concept the difference between tax avoidance, tax evasion and tax planning.

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 http://library.senecacollege.ca 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 student.conduct@senecacollege.ca.

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.


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

Reference Material
“Tax Works”, CCH electronic tax service
      “Tax Find” Canadian Tax Foundation electronic tax research service 
       Canada Revenue Agency Information. CRA. 
       Bulletins CRA Income Tax Rulings. CRA. 
       CRA Information Circular. 
       Understanding Income Tax. Newest edition. R. Huot. Carswell.

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 (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.

Modes of Evaluation

Mid Term 1 15%
Mid Term 2 15%
Group Assignment 25%
Final Exam 45%

Late Assignments and Tests

Late Assignments

Assignments are due at the beginning of the class on the dates specified. Begin your assignments early in anticipation of unforeseen problems that may arise in your work or personal life. Should extenuating circumstances arise, please contact your instructor immediately, prior to when your assignment is due, so an appropriate course of action can be established. Late assignments may be subject to a penalty and will not generally be accepted beyond two weeks after the assignment 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 web site for the Seneca College Library MLA Style Guides.



If you miss a test, you must provide the reason in writing to the instructor within one week. If your reason is accepted, the weighting of that test will be added to that of the final exam. Otherwise, you will be given a zero for the test. If you are unable to complete any of the formal evaluations in this subject for medical reasons, you must submit an original doctor's certificate identifying the date, length of time of expected absence and the specific reason for your absence. If necessary, this information will be presented at the promotion meeting for consideration in determining and recommending the final grade.

Students are expected to demonstrate an appropriate level of effective communication skills in verbal presentations and group work. Regular attendance to class is expected.

Students must pass the final exam or final assignment (if the final assignment is in lieu of the final exam) in order to pass the subject.

For further information on evaluation and academic standing, see a copy of the Academic Policy, available at Seneca's Registrar's Offices.

English Competency

The ability to communicate in writing is essential for success in all business subjects. All written work must demonstrate the following characteristics for clarity and conciseness:

1. Writing is consistent with the rules of English grammar
2. Spelling and punctuation are correct
3. Appropriate vocabulary is used
4. Sentences are structured correctly
5. Main points are supported with specific, relevant examples and reasons
6. Work flows logically through supporting statements/paragraphs
7. Work is arranged in correct format (i.e. reports, essays)
8. Presentation/layout is professional.

Language Across the Curriculum Rubric
Clear   Confusing  
Good Detail   Lacks Detail  
Easy to Follow   Difficult to Follow  
Answers Question   Evades Question  
Seneca College Library Resources

Be sure to begin all your research, assignment support and career preparation at the Seneca College libraries website http://library.senecacollege.ca where you will find information about our services and collections including, print and e-books, databases that will lead you to thousands of articles in magazines, newspapers, journals, encyclopedias, carefully selected websites, how-to tutorials, streamed videos and much more.

Accounting & Financial Services Subject Guide

Go to http://seneca.libguides.com/content.php?pid=51134&hs=a for an online customized guide for accounting and financial services students that meets specific program needs – you will find library resources, websites, industry associations and organizations, a business glossary, career sites for accounting and financial services students and more.


For rules on citing your sources, consult Seneca Libraries' online MLA Citation Guide at http://seneca.libguides.com/mla, or purchase a print copy of the Guide to Research & Citation: MLA Style in the Seneca Bookstore.
Ensure that you do not commit plagiarism. Information on academic honesty, including the Academic Honesty and Plagiarism tutorial is available through the library at: http://library.senecacollege.ca/Academic_Honesty/index.html.

Program Coordinator
Cynthia Duncan

Approved by: Chair - Business Studies Danielle Mercier