MGAC50 H3 Winter 2020 - Course Outline PDF

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MGAC50H3 S LEC 30 CANADIAN INCOME TAXATION I WINTER 2020 Instructor Contact Information: Name: Office: Email: Telephone:

Sathees Ratnam, CPA, CA, TEP IC 273 [email protected] 416-371-4285

Name: Office: Email: Telephone:

Peter Phung, CPA, CA IC 273 [email protected] 416-224-4121

Office hours: Class day/time: Class location: Course website:

By appointment is preferred. Hours will be set up and announced in class. Tuesday – 7 p.m. to 10 p.m. IC 208 Quercus portal only

Course Description: This is the first of two courses in Canadian income taxation. It provides the student with detailed instruction in income taxation as it applies to individuals and small unincorporated businesses. Current tax laws are applied to practical problems and cases. This course covers various topics including computation of employment income, capital gains/losses, business and property income, and income tax for individuals. Prerequisite(s): Completion of at least ten full credits including MGAB01H3/ (MGTB05H3) and MGAB02H3/(MGTB06H3) and MGAB03H3/(MGTB03H3). MGAC01H3/(MGTC07H3) is highly recommended. Exclusion: (MGTC16H3), MGT423H, RSM324H Textbook/Required Course Materials: Introduction to Federal Income Taxation in Canada, 40th Edition (accompanied with a study guide), 2019-2020, by R.E. Beam, S.N. Laiken, J.J. Barnett, N. Johnstone, D. Mescall, & J.E. Robson, published by Wolters Kluwer Canada Limited

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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Lecture Notes and Other Announcements: 1. Learning Objectives: The course is designed to achieve the following objectives: The student should be able: 1. to explain the theoretical concepts behind the specific provisions of the law, 2. to apply the law in practical problems and case settings, 3. to interpret the law, taking into account the specific wording of the provisions, judicial decisions and Canada Revenue Agency’s (“CRA”) position, and 4. to introduce basic tax planning concepts through problem application. The coverage of material in this course is extensive and rigorous. Experience has shown that students who fail to keep up-to-date at all times, no matter what their previous background in the subject, will tend to have difficulty in handling the material, which is of a cumulative nature, on tests and examinations.

2. Readings: You are expected to have completed the assigned readings before the class session for which the items are listed. Please bring your copy of the text to all class sessions. In each chapter there are review questions, multiple choice questions and exercise questions – solutions to these questions are found in the study guide. It is strongly recommended that you attempt to solve these questions before tackling some of the more complex “Problem” questions. Please check the Quercus portal periodically for comments on textbook errors, etc. In addition, various cases/articles may be distributed in class or posted on the Quercus portal. These are required readings whether or not the items are formally listed on the course outline.

Recommended Readings: •

The Practitioner’s Income Tax Act (“ITA”), published by Carswell Thomson Professional Publishing Canada, (a recent edition) OR ITA by any other publisher (i.e., CCH Canadian Limited; Stikeman, etc.)

•

CRA Website at https://www.canada.ca/en/revenue-agency.html [contains various publications, guides and forms including Income Tax Folios (formerly Interpretation Bulletins) and Information Circulars]

Students are expected to have a general knowledge of current business and economic developments, especially as they relate to topics covered in the course. The daily Report on Business of the Globe & Mail and National Post or other papers is recommended.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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3. Counseling/Office Hours: Office hours for individual consultation with students (who have problems or questions that cannot be discussed in the class sessions) will be announced by the instructor. For those students who wish to try extra problems from the textbook, solutions may be checked during the instructor office hours. Hours will be set up and announced in class. Questions relating to administrative, registration, degree/program requirements should be directed to [email protected].

4. Student Evaluation: Grades in the course will be based on the following: Class Preparedness Quiz

10%

Assignment

10%

Term Test

30%

Final Examination

50%

Total

100%

The final exam date and time will be announced once it is determined. The format of the test and examination may consist of multiple-choice questions, problems, cases and other forms of questions. 5. Additional Procedural Points a) Students with disabilities who may require special arrangements for writing the test and examination should be in contact with the AccessAbility Services Office to ensure that arrangements can be made on a timely basis. b) According to the Academic Regulations of UTSC if students are scheduled to write two final examinations at the same time, they should report their conflicts to the Assistant Registrar (Scheduling) (Room S416A, 416-287-7540). Arrangements will normally be made for students to write both examinations on the same day, with a supervised break. Where the conflict involves a St. George Campus course, arrangements will normally be made for both examinations to be written at University of Toronto at Scarborough. Requests for such arrangements must be made no later than two full weeks before the commencement of examinations and will not be considered after that time. For additional information, refer to http://www.utsc.utoronto.ca/~registrar/scheduling/exam_info#Exam_Conflicts c) Students scheduled to write final examinations in three consecutive time slots (these are morning, afternoon, and evening) may request special arrangements. Requests for such arrangements must be made with the Assistant Registrar (Scheduling) no later than two full weeks before the Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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commencement of examinations. Requests will not be considered after that time. d) Test/Examinations answers must be written in ink. considered for remarking.

Answers written in pencil will not be

e) Students are expected to arrive on time for all tests and examinations. It is not likely that any additional time can be allowed for late arrivals. f) The use of a simple, non-programmable, quiet, non-printing calculator will be permitted in all tests and examinations. Students will not be permitted to share calculators and should take adequate precautions against calculator failure during a test. No allowance can be made for calculator failure or malfunction. The allowed calculators are: Texas Instruments TI 30 Explorer Plus, Sharp EL509 and 531, Cassio FX 65 and 280. 6. Studying: It is generally agreed that one needs to work through a substantial number of exercises and problems in order to understand the concepts and procedures involved in tax courses. In the class sessions a number of text questions and cases will be discussed. It is important to understand that questions on the tests and final examination may differ significantly from text questions. Questions from the text usually reflect the material in a single chapter, are often variations of chapter illustrations, cover only selected portions of the assigned material, are usually "complete" problems (in the sense that one is expected to follow a logical procedure from start to finish) and are done on an "open-book" basis. Term tests and final exam questions, on the other hand, may combine materials from a number of chapters, may require a selection of ideas or concepts from any part of the course, may focus on only one small part of a larger process, may be non-directive (open-ended) in nature, may require answers in the form of essays or formal reports, are "closed-book" and have strict time restrictions Questions discussed/solved in class should be viewed as a minimum effort in order to understand the course. Students are strongly urged to attempt all Exercises assigned and the answers are provided in the Study Guide. To assist in the effort, the solution manual will be available for use to check your answer in the class for text problems. In all instances, students should attempt their own solution of problems before verifying their answers. Photocopying of solutions will not be permitted.

7. Class Preparedness Quiz Students are expected to read the assigned chapters, and attempt all Exercises, and assigned Problems prior to attending each class. Either at the beginning or end of a class, students may be quizzed on subject matters from the relevant chapters assigned for the week. One of the purposes of the quiz is to encourage students to attend all lectures and participate actively to maximize their learning. To achieve this objective, you are not permitted to complete a quiz when you are not in class on the day the quiz is held. For greater certainty, you cannot complete the quiz from home or any

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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other places. We take attendance to make sure each of you follows this rule. We do not offer makeup quizzes under any circumstances. However, we will drop one quiz mark to accommodate a missed quiz for any reason. The quiz could contain Multiple Choice Questions, True/False, Short Cases, or Problems. The quiz is administered using the Quercus platform and therefore it is mandatory and expected of each of you to bring a computer, tablet or a smart phone to each class in order to complete the quiz. To verify that students have attempted all the assigned Problems as per the course outline (starts with P) prior to attending the relevant class, the instructor may randomly collect the assigned problems for grading. Solutions to the assigned problems must be HANDWRITTEN. The solutions will be reviewed and graded as “acceptable” or “unacceptable”. Students should photocopy their solutions since it will be discussed during the class. To be considered “acceptable”, all questions assigned must be answered, the solutions must be submitted on time (by 7:10 p.m.), and must evidence a reasonable attempt to solve the problem in good form. The decision as to whether a solution submitted is “acceptable” will be made by the teacher’s assistant and/or the instructor. Solutions must be submitted to the instructor at the beginning of the class noted on the course outline. Late solutions will not be accepted, except in the case of a student who has missed class and has a doctor’s certificate to indicate that attendance was not possible. Solutions submitted by email or other form of transmission will not be acceptable under any circumstances. Please note that the Management Division staff will NOT accept assignments or solutions.

Note: It is an offense under the University's Code of Behaviour for a student to seek to obtain credit for work performed by another person. In the case of assignments submitted for credit in this course, this rule might be interpreted as allowing you to discuss a problem with other individuals, but the work submitted must represent your own independent effort after such discussions have ended. 8. Assignment Students are expected to work in a group consisting of minimum four and maximum five members (may be assigned by instructor). One copy of the assignment must be submitted electronically through Quercus by one of the group members by 7:10 p.m. Turnitin.com will be used for a review of textual similarity and detection of possible plagiarism. In doing so, students will allow their assignment to be included as source documents in the Turnitin.com reference database, where they will be used solely for the purpose of detecting plagiarism. The terms that apply to the University's use of the Turnitin.com service are described on the Turnitin.com web site. A hard copy of the assignment will not be collected or graded. Assignment details: Assignment details will be posted on the Quercus portal.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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9. Exams Aids/Exam Conflict/ Exam Re-marking A. Term tests and Final Examination: Students will be allowed to bring and use one piece of double sided 8½" x 11" paper (“crib sheet”) on which they can handwrite tax rates, and formulas or anything else you may find useful in the examination – CAN NOT TYPE THE CRIB SHEET. TYPED CRIB SHEET WILL BE CONFISCATED DURING THE TEST OR EXAM. Actual examples of tax problems should not be written on the paper. If actual tax problems or diagrams/charts of any kind (unless specifically permitted in class) are on your crib sheet, crib sheet is not hand written, crib sheet is not entirely written in English, or you have more than one piece of paper, your crib sheet will be confiscated during the exam and you may be subject to academic penalty. Crib sheet will be checked thoroughly for conformity by the instructor during the test/exam. Note that only one piece of double sided 8½" x 11" paper is allowed for Term Test, and final exam (i.e., if you want to keep the same crib sheet throughout the course, then when you prepare for Term Test, do not fill up the crib-sheet and keep space to add concepts learned after Term Test for final exam purposes). Students will also be allowed to use a non-programmable calculator as indicated above. No other aids will be permitted. B. Re-marking requests for Term Tests Requests to have Term Test re-marked will be considered if the following conditions are met: •

Term Test is submitted to the instructor no later than one week after the marked test has been returned to the student;

•

the student submits with his/her request a written explanation as to why and where the student believes he/she is entitled to more marks. The term test must be believed to be missing at least 3% of the marks to be remarked. Remarks will not be done for less than this threshold (note that mark addition errors will be corrected and not subject to this rule);

•

the instructor has no reason to believe the student has made any changes subsequent to the test being returned; and

•

the test has not been written in pencil (only errors in adding marks will be considered if the test has been written in pencil).

Students should be aware of the following: • •

Several tests and assignments are randomly photocopied before being returned; Term test(s) submitted for re-marking will be re-marked in their entirety and the mark awarded may increase, decrease, or remain the same. If, in the instructor’s opinion, the student did not have good reasons for requesting a re-marking of the term test(s), 5% marks will be deducted from the mark previously assigned.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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10. Examinations from Prior Sessions: Copies of old tests and exams will not be made available. These questions will not be discussed and solutions to them will not be provided. Policy on Missed Examinations: The university has a standardized form for students who are requesting special academic consideration based on illness or injury. The form focuses upon the degree of incapacitation that the illness or injury has upon the student’s academic functioning and the timeline of that incapacitation, rather than on diagnosis and /or details of the problem. All students must now have a health professional complete this new form: http://www.illnessverification.utoronto.ca/getattachment/index/Verification-of-Illness-or-Injury-formJan-22-2013.pdf.aspx A student who missed the test should notify the instructor before the test time or within 24 hours of the test time about the reason for the absent. Make-up tests will not be arranged; however, upon review of the completed “Verification of Student Illness or Injury” form showing a valid reason, the instructor may allow the student to add the missed portion of the grade to the final exam. To clarify, grading procedures for such instructor approved circumstances will be 0 for missed test and the weight will be added to the final exam. (For example, when a student misses the mid-term test worth 30%, the final exam will be counted as 80% of the course grade. Also, the final exam to be written by that student could be up to one hour longer than the one to be written by other students since that exam would test in depth all chapters). In summary, a student who missed the term test and failed to contact the instructor within 24 hours of the test date(s), AND did not submit the “Verification of Student Illness or Injury” form listing a valid reason will receive 0 for missed test(s) portion of the overall course grade. If the student has an exam conflict for either the term test(s) or the final exam, it is the student’s responsibility to resolve the conflict with the university. Term Tests and Final Exams are cumulative. Academic Support UTSC Library: The Department of Management, in collaboration with the UTSC library, will be providing academic research support in the IC Building. To refine your research skills or to learn more about various scholarly resources, please contact one of the Librarians below. Mariana Jardim, Liaison Librarian, Department of Management, UTSC Email: [email protected] Stephanie Perpick, Bridge Coordinator & Liaison Librarian, Department of Management, UTSC Email: [email protected] Consultations by appointment and drop-ins welcome. Bridge Website: https://www.utsc.utoronto.ca/thebridge Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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Health & Wellness Centre: The Health & Wellness Centre provides professional and confidential medical, nursing, counselling, health promotion, and education services to all UTSC students. These services are offered in a safe, caring, respectful, and empowering environment that is directed toward optimizing your personal, academic, and overall wellbeing. To access these services, please use the following URL: https://www.utsc.utoronto.ca/hwc/health-wellness-centre and when visiting the Health & Wellness Centre, please bring a valid T-card and Health card. Academic Advising and Career Centre: The Academic Advising and Career Centre (AA&CC) at UTSC integrates developmental advising, learning/study skills, career counselling, and employment coaching. To reach out to them please use the following url: https://www.utsc.utoronto.ca/aacc/ English Language Development Centre: The English Language Development Centre (ELDC) helps students develop the critical thinking, vocabulary and academic communication skills essential for achieving academic and professional success. Personalized support includes: RWE (for academic writing); Communication Cafés (oral); Discussion Skill-Building Cafés; Vocabulary Cafés; seminars/workshops; personal ELD consultations; drop-in sessions. http://ctl.utsc.utoronto.ca/eld/ The Writing Centre: The Writing Centre (TWC) offers invaluable services to students (learn to become a better writer!) and offers many different kinds of help: drop-in sessions, individual consultations, workshops, clinics, and online writing handouts. http://ctl.utsc.utoronto.ca/twc/

Tutorial Sessions and Room Information Details on TA office hours will be posted on the Quercus portal. Academic Misconduct Academic integrity is essential to the pursuit of learning and scholarship in a university. The University treats cases of cheating and plagiarism very seriously. The University of Toronto’s Code of Behaviour on Academic Ma...