RSM324 Introduction, Chapters 1,2, 3 Residence 2011

RSM324 Introduction, Chapters 1,2, 3 Residence 2011 -...

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RSM324 CANADIAN INCOME TAXATION I Welcome Dan Jakubowicz 1 Fall 2011
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Dan Jakubowicz, CA Office: Hours: Wednesday 9 - 10 am Room: WO 13 Telephone: 416-424-4665 Email: dan.jakubowicz@utoronto.ca 2 Fall 2011
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Texts Bring to Class & Tutorial Canadian Income Taxation Planning and Decision Making, 2011-2012 edition, by Buckwold/Kitunen The Practitioner’s Income Tax Act, 40 th edition, published by Carswell. 3 Fall 2011
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Time commitment Review Questions & Solutions; and Online quizzes M/C, true/false, short answer questions www.mcgrawhill.ca/olc/buckwold Key Concept Questions Solutions will be posted on Blackboard Problems will be assigned for discussion during class and tutorials 4 Fall 2011
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CICA’s Tax Suite Premium Income Tax (FITAC-Platinum), GST/HST (EARL), and Provincial Tax (PERL) databases, daily news updates (Knotia News) can be accessed using your UTOR ID and password via the following URL: = https://login.library.utoronto.ca/cgi- bin/go_log.pl?url=http://edu.knotia.ca/Home.aspx 5 Fall 2011
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2 Course sequence RSM 324 RSM 424 Designed to cover tax competencies required by the accounting profession CA, CMA, CGA 6 Fall 2011
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Tutorials Integral part of the course 1 hour following the class Assigned problems will be discussed Opportunity to ask questions 7 Fall 2011
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Grades Due Date Class Participation 5% Ongoing includes tutorial and discussion forums Online Quizzes 5% Ongoing submit online quiz results for at least 5 chapters (3 to 10) In-class Quizzes 10% Oct 5 & Nov 16 Mid Term Exam 30% Oct 26 Group Assignment 10% Nov 23 Final Exam 40% Exam period 8 Fall 2011
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Exam Aids Non-programmable calculator The Income Tax Act (ITA) Allowed modifications: Underlining, highlighting only Small tabs section numbers only Not allowed modification: No other writing permitted anywhere in the text No insertions/additions of any kind
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Tax Planning Generally, minimizing the tax liability in a way that is: Legally effective Not specifically prohibited by law Tax Avoidance Legally arranging your affairs to avoid, reduce or defer the taxes payable Shifting income from one period to another Transferring income to other taxpayers Converting the character of income Tax Evasion Knowinglyfailing to report income or claim deductions that are false, or both
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Tax Planning Anti-avoidance (prohibition) rules: Specific rules for specific situations General Anti-avoidance rule (GAAR) Primary (not only) purpose to avoid tax that is contrary to object and spirit of the Act Results in misuse or abuse of the of the Act
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Liability for Tax Who pays tax? [ss. 2(1)] 1. Individuals 2. Corporations 3. Trusts Individuals or Trusts •Employment Income •Business Income •Property Income •Capital Gains •Other i.e. pension Corporations •Business Income •Property Income •Capital Gains 12 Fall 2011
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S. 3(a) Income from all sources Employment Business Property Other S. 3(b) + Taxable capital gains S. 3(c)
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RSM324 Introduction, Chapters 1,2, 3 Residence 2011 -...

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