This subject introduces students to the principles and practice of taxation, emphasizing tax planning for individuals and providing a fundamental understanding of the Canadian Income Tax Act.

Knowledge Core Competency:

Upon completing this course, students are expected to discuss the step-by-step process of how to complete a personal income tax return and apply the Canadian Income Tax Act for tax planning purposes.

Objectives:

1. Outline the documents required before starting a personal income tax return.
2. Describe how to initiate a personal tax return.
3. Discuss the purpose of the Canadian Income Tax Act.
4. Explain the use of computerized income tax software packages.
5. Describe how to review a completed income tax return for reasonability.
6. Summarize major tax planning principles.

Skill Core Competency:

Upon completing this course, students will be able to independently complete a personal income tax return and prepare tax planning.

Objectives:

1. Identify and comply with the relevant provisions of the Income Tax Act concerning the taxation of individuals.
2. Determine income subject to taxation, including employment income, property income, self-employment income, capital gains and losses, and other sources of income.
3. Identify, interpret, and evaluate various deductions, non-refundable tax credits, and refundable tax credits available to individuals.
4. Apply income tax concepts and principles to complete computerized T1 income tax returns for a variety of circumstances.
5. Apply tax planning principles to minimize exposure to income tax within the bounds of the law.