Taxation I Course Outline

Course Outline

This course is the first part of a three-part course series designed to prepare CMAs to take and pass the Ontario Public Accountants Council’s licensure exam.

Description
We hope you are prepared for an active and engaging learning experience. Taxation, all appearances to the contrary, is a lively and engaging area of study. Clashing interpretations of tax law can spark energetic debates - especially when your own money is involved! It is often unclear how tax laws should be applied to real life situations, with no pre-existing "answer" to a dispute. The study of taxation thus requires independent analysis, argumentation, and interpretation. Memorization of facts and formulas will not take us very far in the study of taxation.

Since discussion and debate are so vital for learning about taxation, this course will be highly participatory. You will not only be reading about taxation in this course. You will also be working with other students to assess and resolve tax situations. Everything you read will be applied to solve problems, and you will have to convince others of the correctness of your approach. Thus, in this course, you will be "learning by doing", not just learning by reading.

Objectives
The provisions of the Income Tax Act are not a series of rules and formulae to be memorized and applied. By understanding the reasons and concepts behind the legislation, how the various provisions interrelate and the tax consequences of various choices you will be able to apply the available tools and techniques to accomplish client objectives with predictable results.

This three-course introductory series in federal income tax law is designed to:

1. Explain the theoretical concepts behind the specific provisions of the law,
2. Apply the law in practical problems and case settings,
3. Interpret the law, taking into account the specific wording of the provisions, judicial decisions and the Canada Revenue Agency's position, and
4. Introduce basic tax planning concepts through problem application.

Course Sessions

Week	Session Title
Week 1	Module 1: Using the Income Tax Act (ITA)
Week 2	Module 2: Tax Liability and Intro to Employment Income
Week 3	Module 3: Employment Income and Income from Property
Week 4	Module 4: Income from Property and Intro to Capital Gains
Week 5	Mid Term Exam (45%)
Week 6	Module 5: Capital Gains (continued)
Week 7	Module 6: Other Sources of Income and Deductions
Week 8	Module 7: Computing Taxable Income for an Individual
Week 9	Module 8: Computing Tax Payable for an Individual
Week 10	Module 9: Tax Payer Rights and Obligations
Week 11	Final Exam (55%)

The Instructor for this course is Dr. Stanley Laiken

Educational Background
Ph.D., Business Administration, University of Western Ontario, 1972M.B.A., Wharton Graduate Division, University of Pennsylvania, 1969H.B.A., Business Administration, University of Western Ontario, 1966

Professional Designations
CBV (Chartered Business Valuator), Canadian Institute of Chartered Business Valuators
Academic and Professional Awards
Deloitte & Touche Professor, University of Waterloo, 1998-presentL.S. Rosen Award, in recognition of outstanding contribution to Canadianaccounting education, The Canadian Academic Accounting Association, 1997Distinguished Teacher Award, University of Waterloo, 1994