ACC 3080 A01 (3 CH) CANADIAN INCOME TAXATION FALL ...• Windows 10, 8, or 7 • Mac OS 10.15 to...

ACC 3080 A01 (3 CH) CANADIAN INCOME TAXATION

FALL 2020 Video Conferencing Only (Virtual Classroom), T 7.00-9.45 pm

CONTENTS CONTENTS ............................................................. 1

INSTRUCTOR ......................................................... 1

COURSE DESCRIPTION........................................... 1

COURSE OBJECTIVES ............................................. 2

COURSE MATERIALS .............................................. 3

COURSE FORMAT AND ONLINE ACCESS ............... 3

ASSESSMENT OF LEARNING .................................. 3

MISSED EXAM AND LATE SUBMISSION POLICY .... 5

ATTENDANCE POLICY ............................................ 5

ELECTRONIC DEVICE POLICY ................................. 6

OUT-OF-CLASS COMMUNICATION ........................ 6

CLASS SCHEDULE ................................................... 9

IMPORTANT DATES ............................................... 8

INTENDED LEARNING OUTCOMES ...................... 10

ACADEMIC INTEGRITY POLICY ............................ 11

STUDENT SERVICES AND SUPPORTS ................... 13

ABOUT THE INSTRUCTOR .................................... 14

INSTRUCTOR Name: Cindy Driedger, CPA, CA Office: Virtual Office (instructions on scheduling office time to be provided in class) Phone: 204-260-2200 Email: [email protected] Office hours: Appointment (email only) – office hours to be provided by video conference only COURSE DESCRIPTION Structure and concepts of the Canadian income tax system, calculation of income and tax thereon for individuals and corporations, introduction to planning principles. This course is designed to give a basic understanding of the Federal Income Tax Act of Canada (the “Act”) and its administration. This is achieved by applying the law to practical problems and cases. Topics covered include the 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, primarily for individuals and corporations. The content and material of this course is structured to assist towards the entry requirements of the Chartered Professional Designation (“CPA”) program.

mailto:[email protected]

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COURSE OBJECTIVES

After taking this course students are expected to:

• have an understanding of the structure of the Income Tax Act of Canada and the rules of interpretation used in applying its provisions;

• have the ability to perform compliance procedures in a personal income and corporate income tax setting;

• be familiar with tax planning concepts; • be familiar with the sources of reference material and their relevance in interpreting tax law; • be able to explain the theory behind the taxation of income in Canada and the roles of the

Department of Finance, Canada Revenue Agency, the Courts, and the taxpayer.

COURSE FORMAT AND ONLINE ACCESS

This course will be conducted “live” via videoconferencing using WebEx and will not involve in-person instruction. Classes will be held during the scheduled class time. To join the class, log in to the UM Learn course and then choose Communication->Cisco Webex from the top menu and then click Join. Detailed instructions are available here. For recording attendance and class participation, you will be expected to have your camera and microphone on during class time and exams. You are expected to leave your camera/mic on for the duration of the class or may require you to mute yourself and unmute yourself only at certain times. Please note that all classes will be recorded and the video recordings are likely to be shared with other students. The delivery of the course will be based with a portion of each class focused on lecture materials which will be followed up with in-class discussion and/or hands on questions that are directed towards the lecture’s material. You will need to understand the principles and concepts of the “Act” and grasp the implications and opportunities of the “Act” for business and personal decisions. Each chapter in the text builds on the material in the previous chapter. Therefore, mastery of material in each chapter is essential to your understanding of material in subsequent chapters. It is expected that you read the textbook before class lectures so that you are familiar with the topics to be covered. In addition, completion of recommended homework assignments is essential to understanding the application of tax law and related concepts. Homework problems assigned in class will be completed online using CONNECT, and are not to be handed in. Students are responsible to complete the assigned homework problems and check their work against solutions on their own. Details of the assigned homework problems and solutions will be provided during class. A portion of your mark will be obtained by completing CONNECT assignments. CONNECT also allows students to be able to access additional review questions, online quizzes for each chapter, etc. These additional questions can be used at the student’s discretion if more practice questions are needed.

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COURSE MATERIALS

Textbooks required: • Buckwold, W.J., Canadian Income Taxation: Planning and Decision Making, 2020-2021 Edition, McGraw-Hill Ryerson. (Electronic or Paper version – your choice, however you must purchase CONNECT which will be used for assignments) • Sherman, David M., The Practitioner’s Income Tax Act, 2020 – 57th Edition, Carswell.

(Previous editions of these books are out-of-date, because tax rules change constantly.) As classes will be delivered synchronously via videoconferencing, a device enabled with a camera and microphone is required. Further, you are expected to be in a location with a reliable Internet connection that is strong enough for streaming video. You may also want to consider using earphones/headset with a mic, unless you have a computer/tablet with good speakers/mic. For exams, which will be administered via the Respondus Lockdown browser, you will need a device (computer or tablet; smartphone will not work) with one of the following operating systems: • Windows 10, 8, or 7 • Mac OS 10.15 to 10.12, OS X 10.11, or OSX 10.10 • iOS: 11.0+ (iPad only) Please respect copyright laws. Photocopying textbooks or other reading material is a violation of copyright laws and is unethical, unless permission to copy has been obtained. ASSESSMENT OF LEARNING

Grade Allocation

Component Date and Time Weight

Assignments (CONNECT)

Assignment schedule to be distributed during class

15%

Mid-term Examination Oct 27, 2020 During class – using Lockdown software 40%

Final Examination Date, time and location set by administration. The final is a comprehensive exam. Using Lockdown software

45%

100%

Assignments

Assignments will be set up in CONNECT. There will be 5 assignments/quizzes to complete throughout the course, each worth 3% of your mark. “Assignments are individual assignments. You are not allowed to

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collaborate with others or seek help from anyone. Doing so constitutes academic dishonesty. Please ensure you read the Academic Integrity Policy attached to the course outline.”

Assignments will be approximately 3-5 questions long, and consist of questions similar to those from the textbook.

LATE ASSIGNMENTS WILL NOT BE ACCEPTED. Professional tax work includes meeting and managing deadlines and the assignments must be handed in on a timely basis accordingly. Each assignment will have a start and end time, and must be completed during the time limit provided. Examinations Examinations will test students’ knowledge, as covered in lectures, readings, assigned homework and tutorials / labs. Students will also be tested on their ability to apply their knowledge to specific situations. Examination questions may include multiple choice, numeric calculations, as well as short and long answer application/theory questions. Calculators and one copy of the “Act” will be allowed for all examinations. The “Act” may not be written in that consist of “lecture note slide material, solutions to questions, or any other material provided during the context of classes” nor may additional pages be inserted. Underlining, highlighting, and tabbing of sections is allowed as well as your own written commentary. Open Book Exams

You can use “The Income Tax Act” for the mid-term and final examinations. You can:

highlight and tab “The Income Tax Act” (use small Post-it to make tabs if you like)

write in “The Income Tax Act” (in the margins, inside covers, etc.) BUT YOU MAY NOT WRITE: • lecture notes • slide materials, • solutions to questions, or

• any other material provided during the context of classes

Do not insert additional pages into “The Income Tax Act”. No textbook or any other book is allowed. Calculators are allowed, but cell phones are not to be used as a calculator. Grading Of all the students who get 50% or over in the course:

the top 5% of the class will get an A+

next 10% will get an A

next 20% will get a B+

next 20% will get a B

next 20% will get a C+

next 20% will get a C

next 5% will get a D

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Getting less than 50% in the course will result in an F grade. In addition, students must score at least 50% on the final exam to get a passing grade in the course. To protect the academic integrity of education at the Asper School, certain protocols will be observed for online exams. For instance, in some courses, the online exam will set up such that each student will get a random subset of questions from a larger question bank, which means no two students will get exactly the same exam. Further, a very small number of questions will appear on a screen and you may not have the option to move back to questions you have already answered. The instructor may require your camera be on and directed at you for the entire duration of the exam. Any request for a remarking of an assignment or midterm examination must be made, in writing, within 10 working days of the class in which it was returned. To protect the academic integrity of education at the Asper School, certain protocols will be observed for online exams. For instance, in some courses, the online exam will set up such that each student will get a random subset of questions from a larger question bank, which means no two students will get exactly the same exam. Further, a very small number of questions will appear on a screen and you may not have the option to move back to questions you have already answered. For exams, we will be using university approved Respondus Monitor, which will require you to have your camera and microphone on the entire duration of the exam. As the software detects any unusual movements, please sit in a location where there are no people/pets or other moving objects in the camera’s view during the exam. MISSED EXAM AND LATE SUBMISSION POLICY

Students who miss a midterm examination for legitimate reasons (medical, compassionate, academic conflict or university sports team travel) will have the midterm examination marks added to the final examination. In all cases of absence on a midterm examination date, the instructor should be advised within 7 working days of the examination date and receive suitable documentation. Students who miss the final examination must apply to the Undergraduate Program Office, Room 268 Drake Centre, (or their home Faculty if they are not Asper students) for possible deferred examination privileges. Do not make travel plans before the Final Exam. I cannot let you take the exam earlier/later because you booked a flight ticket for a date earlier than the final exam. In the event you have to miss the Final Exam for a valid reason, a request for a deferred exam must be made at your home Faculty’s Undergraduate Program Office ([email protected], if you are an Asper student). Applying for a deferred exam does not guarantee your request will be granted. ATTENDANCE POLICY

Class and tutorial/lab attendance will not be recorded. It is the responsibility of the student to attend all classes and tutorials/labs. Materials covered in both the classes and tutorial / labs are examinable. Attendance is classes and tutorials are not mandatory, however, strongly recommended in order for students to understand the materials covered and obtain a passing grade.

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Please use your discretion if a lecture must be missed, and if possible, obtain the lecture notes from another student. Please note the slides will not be posted on UMLearn and the instructor will not provide lecture notes. Students are required to attend at least 50% of classes. The WebEx software date stamps when you log into the class, and also when you leave. In addition, you will be required to have your camera on at all times while you are in this class, so that I can see you are there. Although this term only there is no doctor’s note required for missing class, The Asper School has a Debarment Policy, which can be activated if a student misses more classes than are permitted by the instructor. Attendance will not be tracked until October 1st. ELECTRONIC DEVICE POLICY

For this fall term, using a computer or smartphone with a camera/mic during class is necessary. Students may use a laptop or tablet for use during lectures and for note-taking during class. It will be requested upon all students to exercise self-control and common courtesy to both the instructor and fellow students to refrain from browsing the internet, social media, emails, etc. during class time and also during tutorial/lab time. Students are not allowed to use a cell phone in class, even if it were to access UM learn or for note-taking during class. It is requested that student have their cell phones on vibrate or silent mode during classes and during examination periods. Please do not text during class. Although this course will be taught in a remote teaching format, we will observe the protocols that would be expected during an in person class. Please make sure your cellphone does not ring during class. No frivolous posting of messages in the Chat area any time. Practice self control – don’t brown the Internet For the midterm and final exams, students are only allowed to use non-programmable calculators. The use of a cell phone used in calculator mode will not be permitted for either the midterm or final exams. OUT-OF-CLASS COMMUNICATION

All class materials along with tutorial/lab materials will be posted via UM Learn. Any announcements outside of class hours will be sent via e-mail using UM Learn. It is the responsibility of each student to check your University of Manitoba email account on a regular basis. Students are able to email the instructor questions. It is important for student to assess if the question can be easily answered via email of if a discussion during office hours or after class is warranted. My university email forwards to my personal email. Please use my university email, even if you have used my personal email in prior classes.

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UM Learn Follow the instructions below to log on UM Learn: https://universityofmanitoba.desire2learn.com/d2l/login You can access UM Learn by visiting: https://universityofmanitoba.desire2learn.com/d2l/login Log into UM Learn using your UMnetID. You must claim your university UMnetID to log into UM Learn. If you have not done so, claim your UMnetID at the claimid website. If you are having problems logging into your course visit the Accounts Office in E3-637 of the Engineering and Information Technology Complex (EITC), call 474-8600. On your “My Courses” tab heading, click on the ACC 3080 course title Class Questions At the end of the chapter lecture notes, there will be indicated assigned questions for students to do in advance of the lecture. Also, there will be in-class questions which will be taken up during class to supplement the course material discussed in each respective lecture. Students should be prepared to discuss the in-class questions during class. Tutorial / Labs Thursdays, 7:00 – 8:15pm Tutorial / Labs are an important part of this course. You will have the opportunity to practice problems of the type you will see on the exam and in professional practice. Everything covered in the tutorial / labs is examinable. Tutorial / Labs will be held every week commencing on September 22, 2020. Please note that there will be no Tutorial / Lab on the week of October 27, 2020 (Midterm week) and the week of November 10, 2020 (Fall Term Break week).

Students with Special Needs Any student who, because of any disability, requires special arrangements in order to meet course requirements should contact Student Accessibility Services at (204) 474-6213 as soon as possible.

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IMPORTANT DATES

First Day of Class September 15, 2020

Assignments/Quizzes Schedule will be provided in class

Mid-term Examination October 27, 2020 – In Class (7:00 – 9:00 pm)

Fall Term Break November 9 – 13, 2020

VW Date November 23, 2020

Final Examination Date, time and location set by administration.

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CLASS SCHEDULE

Tentative Fall 2020 - ACC 3080 Class Schedule

Day Topic Assigned Readings

Sept 15th Introduction

Taxation – Its Role in Decision Making Chapter 1 Fundamentals of Tax Planning Chapter 2 Liability for Tax and Income Determination & Administration of the Income Tax System

Chapter 3

Sept 22th Income from Business

Chapter 5

Chapter 6 The Acquisition, Use, and Disposal of Depreciable Property Chapter 6

Sept 29th The Acquisition, Use, and Disposal of Depreciable Property

Gains and Losses on Disposition of Capital Property Chapter 6 Chapter 8

Oct 6th Gains and Losses on Disposition of Capital Property

Income from Property

Chapter 8 Chapter 7

Oct 13th Income from Employment

Other Income, Other Deductions and Special Rules Other Income, Other Deductions, and Special Rules for Completing Net Income for Tax Purposes

Chapter 4 Chapter 9

Oct 20th

Other Income, Other Deductions and Special Rules Individuals: Determination of Taxable Income and Taxes Payable and General Review

Chapter 9 Chapter10

Oct 27th MID-TERM EXAM -- CHAPTERS 1 TO 10 INCLUSIVE

Nov 3rd Corporations – An Introduction Coropr

Chapter 11 Corporations – Capital Structure and Distributions Chapter 12

Nov 9th – 20th 2020 Fall Term Break – No Classes / No Tutorial / Lab Nov 17th The Canadian-Controlled Private Corporation (CCPC) Chapter 13 November 24th Multiple Corporations and Their Reorganization Chapter 14

Partnerships Chapter 15 Limited Partnerships and Joint Ventures Chapter 16

Dec 1st Trusts Chapter 17 Business Acquisitions Chapter 18 Introduction to GST/HST Chapter 22 Dec 8th Review Final Exam To be scheduled by the registrar’s office Comprehensive

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INTENDED LEARNING OUTCOMES

AACSB Assurance of Learning Goals and Objectives The Asper School of Business is proudly accredited by AACSB. Accreditation requires a process of continuous improvement of the School and our students. Part of “student improvement” is ensuring that students graduate with the knowledge and skills they need to succeed in their careers. To do so, the Asper School has set the learning goals and objectives listed below for the Undergraduate Program. The checked goal(s) and objective(s) will be addressed in this course and done so by means of the items listed next to the checkmark.

Goals and Objectives in the Undergraduate Program

Goals and Objectives

Addressed in this Course

Course Item(s) Relevant to these

Goals and Objectives

1 Quantitative Reasoning

A. Determine which quantitative analysis technique is appropriate for solving a specific problem.

All chapters and assigned questions.

B. Use the appropriate quantitative method in a technically correct way to solve a business problem.


C. Analyze quantitative output and arrive at a

conclusion.


2 Written Communication

A. Use correct English grammar and mechanics in

their written work.

All chapters and

assigned

questions.

B. Communicate in a coherent and logical manner


C. Present ideas in a clear and organized fashion.


3 Ethical Thinking

A. Identify ethical issues in a problem or case situation

Chapters 1, 2, 3

B. Identify the stakeholders in the situation. Chapters 1, 2, 3

C. Analyze the consequences of alternatives from an ethical standpoint.

Chapters 1, 2, 3

D. Discuss the ethical implications of the decision. Chapters 1, 2, 3

4 Core Business Knowledge

Entire Course.

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ACADEMIC INTEGRITY POLICY The online format of class delivery does not lower the Asper School’s academic integrity standards. The same high levels of academic integrity are expected in Fall 2020 courses as they are in regular terms. It is critical to the reputation of the Asper School of Business and of our degrees that everyone associated with our faculty behave with the highest academic integrity. As the faculty that helps create business and government leaders, we have a special obligation to ensure that our ethical standards are beyond reproach. Any dishonesty in our academic transactions violates this trust. The University of Manitoba General Calendar addresses the issue of academic dishonesty under the heading “Plagiarism and Cheating.” Specifically, acts of academic dishonesty include, but are not limited to:

• using the exact words of a published or unpublished author without quotation marks and without referencing the source of these words (includes Chat messages posted during videoconference sessions)

• duplicating a table, graph or diagram, in whole or in part, without referencing the source • paraphrasing the conceptual framework, research design, interpretation, or any other ideas of another

person, whether written or verbal (e.g., personal communications, ideas from a verbal presentation) without referencing the source

• copying the answers of another student in any test, examination, or take-home assignment • recording exam questions using any method, regardless of whether those are shared with others • sharing exam questions with those who are yet to take the exam, including future students or

attempting to sell exam questions • providing answers to another student in any test, examination, or take-home assignment • taking any unauthorized materials into an examination or term test (crib notes) • impersonating another student or allowing another person to impersonate oneself for the purpose of

attendance, earning class participation marks, submitting academic work, or writing any test or examination

• stealing or mutilating library materials • accessing test prior to the time and date of the sitting • changing name or answer(s) on a test after that test has been graded and returned • submitting the same paper or portions thereof for more than one assignment, without discussions with

the instructors involved Group Projects and Group Work There is no group work allowed in this course. All quizzes/exams must be completed individually. Many courses in the Asper School of Business require group projects. Students should be aware that group projects are subject to the same rules regarding academic integrity. All group members should exercise special care to ensure that the group project does not violate the policy on Academic Integrity. Should a violation occur, group members are jointly accountable unless the violation can be attributed to specific individuals. Some courses, while not requiring group projects, encourage students to work together in groups before submitting individual assignments. If it’s unclear whether it is allowed, students are encouraged to seek clarification from the instructor to avoid violating the academic integrity policy. In the Asper School of Business, all suspected cases of academic dishonesty in undergraduate courses are reported to the Dean's office and follow the approved disciplinary process. See following table for typical penalties for academic dishonesty in the Asper School.

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PENALTIES FOR ACADEMIC DISHONESTY

If the student is from another Faculty and the academic dishonesty is committed in an Asper course, the student’s Faculty could match or add penalties beyond the Asper School’s.

F-DISC on transcript indicates the F is for disciplinary reasons.

ACADEMIC DISHONESTY PENALTY

Cheating on exam (copying from or providing answers to another student)

F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript

Sharing exam questions electronically during exam

F-DISC in course Suspension from taking Asper courses for 2 years Notation of academic dishonesty in transcript

Possession of unauthorized material during exam (e.g., cheat notes)


Altering answer on returned exam and asking for re-grading


Plagiarism on assignment F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript

Submitting paper bought online F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript

Inappropriate Collaboration (collaborating with individuals not explicitly authorized by instructor)


Group member had knowledge of inappropriate collaboration or plagiarism and played along

F-DISC in course Notation of academic dishonesty in transcript

Signing Attendance Sheet for classmate F-DISC in course Notation of academic dishonesty in transcript

Impersonation on exam Expelled from the University of Manitoba and reported to Winnipeg Police

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STUDENT SERVICES AND SUPPORTS

The University of Manitoba provides many different services that can enhance learning and provide support for a variety of academic and personal concerns. You are encouraged to visit the below websites to learn more about these services and supports. If you have any questions, please do not hesitate to contact your instructor or the Undergraduate Program Office.

For Information on… …follow this link

Tech-related issues with UM Learn or videoconferencing Information Services & Technology

Admission, Registration, Tuition Fees, Important Dates, Final Exams, Graduation, and Transcripts

Registrar’s Office

Academic policies & procedures, regulations, Faculty-specific information, degree and major requirements

Academic Calendar

Help with research needs such as books, journals, sources of data, how to cite, and writing

Library Resources

Tutors, workshops, and resources to help you improve your learning, writing, time management, and test-taking skills

Writing and Learning Support

Support and advocacy for students with disabilities to help them in their academic work and progress

Student Accessibility Services

Copyright-related questions and resources to help you avoid plagiarism or intellectual property violations

Copyright Office

Student discipline bylaws, policies and procedures on academic integrity and misconduct, appeal procedures

Academic Integrity

Policies & procedures with respect to student discipline or misconduct, including academic integrity violations

Student Discipline

Students’ rights & responsibilities, policies & procedures, and support services for academic or discipline concerns

Student Advocacy

Your rights and responsibilities as a student, in both academic and non-academic contexts

Your rights and responsibilities

Full range of medical services for any physical or mental health issues

University Health Service

Information on health topics, including physical/mental health, alcohol/substance use harms, and sexual assault

Health and Wellness

Any aspect of mental health, including anxiety, stress, depression, help with relationships or other life concerns, crisis services, and counselling.

Student Counselling Centre

Support services available for help regarding any aspect of student and campus life, especially safety issues

Student Support Case Management

Resources available on campus, for environmental, mental, physical, socio-cultural, and spiritual well-being

Live Well @ UofM

Help with any concerns of harassment, discrimination, or sexual assault

Respectful Work and Learning Environment

Concerns involving violence or threats, protocols for reporting, and how the university addresses them

Violent or Threatening Behaviour

http://umanitoba.ca/ist/

http://umanitoba.ca/student/records/

http://umanitoba.ca/student/records/academiccalendar.html

http://libguides.lib.umanitoba.ca/mgmtlibrary

http://umanitoba.ca/student/academiclearning/

http://umanitoba.ca/student/saa/accessibility/

http://umanitoba.ca/admin/vp_admin/ofp/copyright/index.html

http://umanitoba.ca/academicintegrity

http://www.umanitoba.ca/student/resource/student_advocacy/student-discipline.html

http://umanitoba.ca/student/advocacy/

http://umanitoba.ca/student/resource/student_advocacy/student_conduct.html

http://umanitoba.ca/student/health/index.html

http://umanitoba.ca/student/health-wellness/index.html

http://umanitoba.ca/student/counselling/

http://umanitoba.ca/student/case-manager/index.html

http://umanitoba.ca/livewell/

http://umanitoba.ca/human_rights/rwle/index.html

http://umanitoba.ca/human_rights/rwle/index.html

http://umanitoba.ca/admin/governance/governing_documents/community/669.html

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ABOUT THE INSTRUCTOR

I currently work for the Office of the Auditor General of Manitoba as an Audit Manager in Performance Audit. Prior to becoming a CA, I have been an IT professional, computer analyst, project manager, and stay at home mom. I returned to university after I raised my family to take the accounting courses, and complete the CASB program, to become a Chartered Accountant. I have taught as a sessional instructor in Asper since I received my Chartered Accountant designation, and have taught a variety of courses such as Introduction to Managerial Accounting, Equities, Accounting Theory, and was the TA for Taxation Accounting for both Dan Torbiak and Mike Kukelko, former Taxation instructors. The three of us also coached the JDC West Taxation team for a number of years. Taxation Accounting was my favorite course at Asper, and I am very excited to have the opportunity to teach it. It's a fairly difficult course, not because the material itself is difficult, but there is a lot of it to learn in a fairly short timeframe. However, you can be assured I will do everything I can to help you understand the topic. I love teaching, and mentoring. I teach at Asper because I enjoy it. In case you’re wondering if there is really any purpose in having to buy that Tax Act, here is a picture of mine from when I took the course:

ACC 3080 A01 (3 CH) CANADIAN INCOME TAXATION FALL ...• Windows 10, 8, or 7 • Mac OS 10.15 to...

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