WINTER 2015 Course Outline

BUS 345
Income Tax 1

School of Business
Faculty:
E-mail:
Telephone:

Keith Lownie, Dipl.T., CFP, CIM, CA, CPA, MBA

keith.lownie@ufv.ca
(Please put BUS 345 in subject box for all emails)
(604) 504-7441 (local 4137)
Please do not use voice mail for course related messages. Please use e-mail.
Office Hours: C2419
Mon. 11:30 am 5:20pm Tues. 2:30pm 5:20pm
Any other times by appointment.
Prerequisite:
BUS 144 Introductory Accounting 2
Course Overview:
This course provides an introduction to the Canadian system of income taxation of individuals and
corporations. Specific study concentrates on the Income Tax Act and includes such topics as employment
income, income from business, income from property, income for tax purposes, eligible deductions, capital cost
allowances, capital gains, taxable income and taxes payable.
Course Evaluation:
Quizzes (1 @ 5%, 1 @ 8%, 1 @ 14%) (T/F, mult. choice, short answer, problems)
Midterm Exam (4 chps) (short answer, problem based)
Final Exam (7 chps) (short answer, problem based)
In-class attendance
TOTAL

27.0%
24.0%
48.0%
1.0%
100.0%

BUS 345 Course Learning Outcomes:

Upon successful completion of this BUS 345 course, the student will be able to:
1. Understand who is liable to pay Canadian Income Tax and CRA procedures and administration for Individuals;
2. Calculate basic Income Tax Payable for individuals.
3. Determine the residency of Individuals and Trusts;
4. Calculate Income or Loss from an Office or Employment;
5. Calculate CCA and recognize basic tax planning possibilities for depreciable assets;
6. Calculate Income or Loss from Property;
7. Understand the general rules of Capital Gains and Capital Losses;
8. Identify and employ basic retirement tax savings and other deductions;
9. Understand other sources of income and other deductions and the income attribution rules;
10. Calculate the maximum lifetime capital gains deduction;
11. Calculate an individuals alternative minimum tax;
12. Calculate the ordering and treatment of losses in calculating net income for tax purposes and taxable income for
individuals, including Listed Personal Property Losses (LPP losses), Non-Capital Losses (Non-CL), Net Capital
Losses (Net-CL), Allowable Business Investment Losses (ABIL), Farm Losses, Restricted Farm Losses
BUS 345 Required Resources:
1. Instructor lecture notes, example exam questions and assignment problem (text) answers.
2. Text: Canadian Tax Principles Volume 1 (Chps 1 10) and Volume 2 (Chp 11), 2014-2015 Edition (no other
edition allowed) Byrd and Chen, Pearson/Prentice Hall
(Please bring the text to class each week).
ISBN: 978-0-13-376267-9
3. Calculator (phones not allowed as calculators on exams).
UFV IMPORTANT DATES WINTER 2015:
Jan. 5/15
- Classes begin
Jan. 20 /15
- Fee payment deadline
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Course Outline
BUS 345 Taxation 1

(contd.)

Feb. 14/15
- Last day to withdraw without a W
Mar. 20/15
- Final day to withdraw from a course
Apr. 13/15
- Last day of classes
Apr. 15 to 25/15 - Examination period (do not book a flight/trip prior to the end of the examination period)
STUDENT INFORMATION ON COURSE POLICIES AND PROCEDURES:
Students are expected to download and print course lecture notes, text answers and Example Exam Questions from
the weekly course folders in myUFV each week. You are also expected to read assigned chapters prior to each class
and be prepared to participate in problem-solving activities. The experience of solving accounting problems is
essential for learning the concepts and meeting the time constraints of my examinations.
MIDTERM/FINAL EXAMINATIONS/QUIZZES: Students who miss examinations or quizzes often request that
they be allowed to write make-up examinations. This is often unfair to those who wrote the scheduled examination.
In an effort to be consistent/fair it is imperative that students write examinations/quizzes on either the scheduled day
per the course outline or the date and time as determined by the Registrar during the formal final examination periods
(the final examination period includes Saturdays). Writing the final examination at a time other than the one in the
posted examination schedule will only be permitted when a student has a direct conflict between two scheduled final
examinations. Two final exams on a single day is not considered a valid reason for moving a final exam. Students
must notify the affected instructors of a conflict within two weeks of the exam schedule being published. Final exams
may be scheduled at a time or day of the week DIFFERENT from the class meeting time. You must adjust your
schedule accordingly. Any travel plans need to be made for dates AFTER the scheduled exam period which is
published well in advance in the UFV Calendar Schedule of Events.
Subject to circumstances outlined below, a student who fails to write a midterm or final examination or quiz on the
scheduled date and time may receive a zero on that examination. Other than in emergency situations, a student must
provide his/her instructor with a reason acceptable to the instructor for missing an examination at least 24 hours
prior to the scheduled time of the examination or quiz. It is the students responsibility to contact the instructor by email (preferred), phone, fax, etc. It is impossible to list every acceptable reason. However, for greater certainty,
reasons such as being unprepared or having too many other examinations/quizzes in the same week will not be
accepted. Written documentation, i.e., doctors notes, will be required in all cases of missed examinations/quizzes.
Should such notice be given and should the reason be acceptable to the instructor, the student may, subject to the
discretion of the instructor, be permitted to either write an alternative examination OR have an aggregate mark
established for the missed examination/quiz, calculated as the LOWER % of:
a) students average % for all previously written quizzes x class average % for the missed quiz/class average %
for all quizzes)
OR,
b) students cumulative average % in the course.
This lower of calculation is necessary to ensure that students do not receive any benefit (eg. extra study time) as
a result of not writing the exam at the scheduled date.
No electronic dictionaries, cell phones, computers or other electronic devices will be allowed in exams/tests/quizzes.
Cell phones must be left at the front of the class for all midterms and final exams. Only approved calculators may be
used in course tests. The instructor reserves the right to clear the memory from any programmable calculators at
any time. No other materials will be allowed on the desktop apart from a pen/pencil unless specifically approved by
the faculty member.
Other SPECIFC course policies to note:
If you miss more than 40% of the scheduled classes without valid reasons you will automatically fail the course.
UFV Permission to Audit forms will not be signed after the 4th week of classes per UFV School of Business policy.
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Course Outline
BUS 345 Taxation 1

(contd.)

A minimum of 50% is required on either the midterm and final exam in order to pass the course with a C+ or
better.
Quizzes and exams must be free of spelling, punctuation and grammatical errors. Quizzes and exams containing
such errors may be penalized (ie mark deduction).
ACADEMIC MISCONDUCT:
Academic misconduct includes, but is not limited to, giving and receiving information during any test or exam, using
unauthorized sources of information during any test; plagiarizing; fabrication, cheating, and, misrepresenting the
work of another person as your own, facilitation of academic misconduct, and under certain conditions, nonattendance.
Plagiarism will not be tolerated. You must reference your work and acknowledge sources with in-text citations and a
complete list of references. This includes direct and indirect quotes, diagrams, charts, figures, pictures and written
material. For group projects, the responsibility for academic integrity, which can result in academic misconduct and
its resulting penalties, rests with each person in the group and sanctions would be born by each member.
For more information on Academic Misconduct Policies please see UFV policy 310.12, Student Conduct.
GRADING POLICIES:
GRADE
A+
A
AB+
B
BC+
C
CP
NC

POINTS
4.33
4.00
3.67
3.33
3.00
2.67
2.33
2.00
1.67
1.00
0.00

PERCENT
95-100
90-94
85-89
80-84
75-79
70-74
65-69
60-64
55-59
50-54
0-49

INTERPRETATION
Excellent
Above average
Average
Pass
No credit (fail)

Note: This course outline may assist you in the future to receive credit for all or part of a course from another postsecondary institution or from a professional program. It is strongly recommended that this course outline be safely
filed for future reference.

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Course Outline
BUS 345 Taxation 1

(contd.)

BUS 345 AB2 (TUE CRN 10214) WINTER 2015 COURSE SCHEDULE:
Text
Class of:
Topic Covered
Chp
1. Jan. 6
2. Jan. 13

Introduction to Federal Taxation

in Canada
CRA Procedures and Administration

1
2

3. Jan. 20

Income or Loss from an

Office or Employment

4. Jan. 27

Taxable Income and Tax Payable for

Individuals
BUS 345 Midterm Exam (Chps
1,2,3,4)

5. Feb. 3
6. Feb. 10

UFV Reading week no class

7. Feb. 17

Capital Cost Allowance

8. Feb. 24

Income or Loss from a Business

9. Mar. 3

Income from Property

10. Mar. 10

Capital Gains and Capital Losses

11. Mar. 17

Other Income and Other Deductions

Retirement Savings and Other Special

Income Arrangements
Taxable Income and Tax Payable for
Individuals Revisited

10

13. Mar. 31

Taxable Income and Tax Payable for

Individuals Revisited contd

11

14. Apr.7

Final Exam review

14. Apr. 1525

BUS 345 Final Exam (Chps 5,6, 7, 8,

9, 10, 11)

12. Mar. 24

11

Text Problems
Quizzes/Exams

Chp 1 Prob. 1,2,3,4,5,6,7

Chp 1 Example Exam Questions
Chp 2 Prob. 1,2,3,4,5,6,7
Chp 2 Example Exam Questions
Chp 3 Prob. 2,3,4,5,6,7,8,9
Chp 3 Example Exam Questions
Quiz #1 (Chp 1, 2 (5%)
Chp 4 Prob. 1,2,3,4,5,6
Chp 4 Example Exam Questions
BUS 345 Midterm Exam (24%)

Chp 5 Prob. 2,3,4,5,7

Chp 5 Example Exam Questions
Chp 6 Prob. 1,3,4,5,6,7,10,11,12
Chp 6 Example Exam Questions
Chp 7 Prob. 1,2,3,4,5,7
Chp 7 Example Exam Questions
Quiz #2 (Chp 5, 6) (8%)
Chp 8 Prob. 2,3,4,5,6,7,10,12,13,14
Chp 8 Example Exam Questions
Chp 9 Prob. 3,4,5,6,7,8
Chp 9 Example Exam Questions
Chp 10 Prob. 1,2,3,4,5,7
Chp 10 Example Exam Questions
Chp 11 Prob. 1,2,3,4,5,6,7
Chp 11 Example Exam Questions
Quiz #3 (Chp 7,8,9, 10) (14%)
Chp 11 Prob. 1,2,3,4,5,6,7
Chp 11 Example Exam Questions

BUS 345 Final Exam (48.0%)

Note: Should changes be required to the content of this course outline, students will be given reasonable notice.
The course outline posted on UFV Blackboard is the latest copy.

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